Dividing Partnership Net Income Required: Steve King and Chelsy Bernard formed a partnership, dividing income as follows: 1. Annual salary allowance to King of $125,670. 2. Interest of 7% 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 $75,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $213,000. How much is distributed to king and Bernard? Note: Compute partnership share. King: $ Bernard: $