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Required: Steve King and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to King of $104,500. 2. Interest of 7%

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Required: Steve King and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to King of $104,500. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to King and Boxer, 1:2. King and Boxer had $99,680 and $105,080, respectively, in their January 1 capital balances. Net income for the year was $190,000. How much is distributed to King and Boxer? Note: Compute partnership share to two decimal places. Round final answers to the nearest whole dollar. King: Boxer

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