Dividing Partnership Net Income Required Steve King and Chel sy Poodle formed a partnership, dividing income as follows 1. Annual salary allowance to King of $158,340 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to King and Poodle, 1:2. King and Poodle had $69,000 and $117,000, respectively, in their January 1 capital balances. Net income for the year was $273,000. How much is distributed to King and Poodle? Note: Compute partnership share. King: 4,830x Poodle 8,190X Chack My Work Set up a column for each partner and a total column. The amount of net income that should be distributed to each partner should include: the partners salary allowance, the interest an the partners capital balance, and anry remaining income divided based on the partnership 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 amount, as though it were a net loss