Dividing Partnership Net Income Required: Steve King and Chelsy Poodle formed a partnership, dividing income as follows; 1. Annual salary allowance to Poodle of $180,540. 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 $45,000 and $117,000, respectively, in their January 1 capital balances. Net income for the year was $306,000. How much is distributed to King and Poodle? Note: Compute partnership share. King: Poodle: Dupuis