Dividing Partnership Net Income Required: Steve King and ChelsyStevens formed a partnership, dividing income as follows: Annualsalary allowance to King of $101,750. Interest of 7% on eachpartner's capital balance on January 1. Any remaining net incomedivided to King and Stevens, 1:2. King and Stevens had $77,600 and$90,040, respectively, in their January 1 capital balances. Netincome for the year was $185,000. How much is distributed to Kingand Stevens? Note: Compute partnership share to two decimal places.Round final answers to the nearest whole dollar.
King: $
Stevens: $
