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Dividing Partnership Net Income Steve King and Chelsy Stevens formed a partnership, dividing income as follows: Annual salary allowance to Stevens of $ 1 6

Dividing Partnership Net Income
Steve King and Chelsy Stevens formed a partnership, dividing income as follows:
Annual salary allowance to Stevens of $165,000.
Interest of 5% on each partner's capital balance on January 1.
Any remaining net income divided to King and Stevens, 1:2.
King and Stevens had $75,000 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $300,000.
Required:
How much net income should be distributed to King and Stevens?
King: $
Stevens: $
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