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Steve King and Chelsy Poodle formed a partnership, dividing income as follows: Annual salary allowance to King of $54,000. Interest of 12% on each partner's

Steve King and Chelsy Poodle formed a partnership, dividing income as follows:

Annual salary allowance to King of $54,000.

Interest of 12% on each partner's capital balance on January 1.

Any remaining net income divided equally.

Poodle and King had $46,000 and $171,000, respectively, in their January 1 capital balances. Net income for the year was $285,000. How much net income should be distributed to King?

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