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Dividing Partrership Net Income Steve King and chelsy Earnard formed e partnership, dividing income as follows? 1. AnDual salary allowance to King of 5110,550 . 2. Interest of 5% on each partner's capital balance on January 1 . 3. Any remaining net incorne divided to king and Bernard, 112 . King and Bernard had $93,000 and $75,000, respectively, in their January 1 capital balances. Fet income for the yeor was s201, oo0. Requir ed: How mich net income should be distributed to kirg ard Bernard? King:5 Bernard: 5 Dividing Partrership Net Income Steve King and chelsy Earnard formed e partnership, dividing income as follows? 1. AnDual salary allowance to King of 5110,550 . 2. Interest of 5% on each partner's capital balance on January 1 . 3. Any remaining net incorne divided to king and Bernard, 112 . King and Bernard had $93,000 and $75,000, respectively, in their January 1 capital balances. Fet income for the yeor was s201, oo0. Requir ed: How mich net income should be distributed to kirg ard Bernard? King:5 Bernard: 5