Ceng Show Me How Required: Steve King and Chelsy Boxer formed a partnership, dividing income as follows 1. Annual salary allowance to Boxer of $182,900. 2. Interest of 5% on each partner's capital balance on January 1 3. Any remaining net income divided to King and Boxer, 1:2. King and Boxer had $50,000 and $75,000, respectively, in ther January 1 capital balances. Net income for the year was $310,000. How much is distributed to King and Boxer? Note: Compute partnership share to two decimal places. Round final answers to the nearest whole dollac King: Boxer: Set up a column for each partner and a total column. The amount of net income that should be distributed to each partner should agreement If the net income is less than the total of the salary and interest allowances, then the remaining net income to divide is a negative incude the prtners sayalvvacethe nterest on the partner's amount, as though it were a net loss