eBook Show Me How Print Item Dividing Partnership Net Income Required: Steve King and Chelsy Dane formed a partnership, dividing income as follows: 1. Annual salary allowance to King of $145,350. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to King and Dane, 1:2. King and Dane had $63,000 and $87,000, respectively, in their January 1 capital balances. Net income for the year was $255,000. How much is distributed to King and Dane? Note: Compute partnership share. King: S Dane: V