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Steve King and Chelsy Poodle formed a partnership, dividing income as follows: 1. Annual salary allowance to King of $53,000 2. Interest of 8% on

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

1. Annual salary allowance to King of $53,000

2. Interest of 8% on each partner's capital balance on January 1.

3. Any remaining net income divided equally.

Poodle and King had $40,000 and $132,000, respectively, in their January 1 capital balances. Net income for the year was $220,000. How much net income should be distributed to King?

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