Dividing Partnership Net Income Required: Steve King and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to Boxer of $189,660. 2. Interest of 5% on each partner's capital balance on January 1 3. Any remaining net income divided to King and Boxer, 1:2. King and Boxer had $90,000 and $87,000, respectively, in their January 1 capital balances. Net income for the year was $327,000. How much is distributed to King and Boxer? Note: Compute partnership share. King: s : S