Dividing Partnership Net Income Steve Queen and Chelsy Dane formed a partnership, dividing income as follows: Annual salary allowance to Queen of $60,000. Interest of 7% on each partner's capital balance on January 1. Any remaining net income divided equally. Dane and Queen had $57,000 and $173,000, respectively, in their January 1 capital balances. Net income for the year was $315,000. How much net income should be distributed to Queen?