Dividing Partnership Net Income Steve King and Chelsy Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to King of $175,230. 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 $297,000. Required: How much net income should be distributed to King and Stevens? King: $ 260,400 X Stevens: $ 47,520 x