Dividing Partnership Net Income Required: Steve King and Chelsy Bernard formed a partnership, dividing income as follows: Annual salary allowance to King of $102,600. Interest of 5% on each partner's capital balance on January 1. Any remaining net income divided to King and Bernard, 1:2. King and Bernard had $48,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $180,000. How much is distributed to King and Bernard? Note: Compute partnership share. King$Bernard:$