Dividing Partnership Net Income

Required:

Steve King and Chelsy Poodle formed a partnership, dividing income as follows:

1. Annual salary allowance to Poodle of $168,780.
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 $66,000 and $105,000, respectively, in their January 1 capital balances. Net income for the year was $291,000. How much is distributed to King and Poodle?

Note: Compute partnership share.

King: $____

Poodle: $____