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King Chelsy Ber a partnership, dividing income as follows! 1. Annual salary allowance to King of $112,560. 2. Interest of 7% on each partner's capital
King Chelsy Ber a partnership, dividing income as follows! 1. Annual salary allowance to King of $112,560. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to King and Bernard, 1:2. King and Bernard had $96,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $201,000. Required: How much net income should be distributed to King and Bernard? King: $ Bernard: $
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