After Carl starts his own catering company, he realizes that there is a lot of demand for desserts from his clients. Therefore, he negotiates with another friend, Mike, who is a pastry chef at a five-star hotel, to become a partner with him in this new venture. On January 1, 2008, 5- Star Gourmet Desserts started with $30,000 from Carl and $40,000 from Mike. The net income of the first year was $12,000. If the income is divided according to their capital, how should the income be divided?