Dividing Partnership Net Income Required: Steve Jack and Chelsy Poodle formed a partnership, dividing income as follows: 1. Annual salary allowance to Jack of $107,880. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Jack and Poodle, 1:2. Jack and Poodle had $93,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $186,000. How much is distributed to Jack and Poodle? Note: Compute partnership share. Jack: $ Poodle: S Previous Next Check My Work 5 more Check My Work uses remaining.