Dividing Partnership Net Income Required: Steve King and Chelsy Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Stevens of $167,750 Interest of % on each partner's capital balance on January 1. 3. Any remaining net income divided to King and Stevens, 1:2. King and Stevens had $61.040 and $90.040, respectively, in their January 1 capital balances. Net income for the year was $305,000. How much ts distributed to King and Stevens? Note: Compute partnership share to two decimal places. Round final answers to the nearest whole dollar. King: 46,284|x Stevens: 258,716X Set up a column for each partner and a total column. The amount of net income that should be distributed to each partner should include: the partner's salary allowance, the interest on the partners capital balance, and any remaining income divided based on the partnership agreement. If the net income is less than the t of the salary and interest allowances, then the remaining net income to divide is a negative amount, as though it were a net loss