Dividing Partnership Net Income Required: Steve King and Chelsy Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Stevens of $127,020. 2. Interest of 7% 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 $57,000 and $99,000, respectively, in their January 1 capital balances. Net income for the year was $219,000. How much is distributed to King and Stevens? Note: Compute partnership share. King: $ Stevens: $