Dividing Partnership Net Income Required: Steve King and Chelsy Bernard formed a partnership, dividing income as follows: 1. Annual salary allowance to King of $143,370. 2. Interest of 6% on each partner's capital balance on January 1. 3. Any remaining net income divided to King and Bernard, 1:2. King and Bernard had $78,000 and $93,000, respectively, in their January 1 capital balances. Net Income for the year was $243,000. How much is distributed to King and Bernard? Note: Compute partnership share. King: S Bernard: s