Dividing Partnership Net Income Required: Steve King and Chelsy Dane formed a partnership, dividing income as follows: 1. Annual salary allowance to Dane of $146,850. 2. Interest of 7% on each partner's capital balance on January 1 3. Any remaining net income divided to King and Dane, 1:2 King and Dane had $54,000 and $105,000, respectively, in their January 1 capital balances. Net income for the year was $267,000. How much is distributed to King and Dane? Note: Compute partnership share. King: $ Dane: $