Dividing Partnership Net Income Required: Steve King and Chelsy Poodle formed a partnership, dividing income as follows: 1. Annual salary allowance to King of $108,900. 2. Interest of 5% 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 566,000 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $198.000. How much is distributed to King and Poodle? Noter Compute partnership share. Kings Poodles