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Dividing Partnership Net Income Required: Steve King and Chelsy Poodle formed a partnership, dividing income as follows: 1. Annual salary allowance to King of $184,080.

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Dividing Partnership Net Income Required: Steve King and Chelsy Poodle formed a partnership, dividing income as follows: 1. Annual salary allowance to King of $184,080. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to King and Poodle, 1:2. King and Poodle had $96,000 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $312,000. How much is distributed to King and Poodle? Note: Compute partnership share. King: Poodle: $

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