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Steve King and Chelsy Bernard formed a partnership, dividing income as follows: Annual salary allowance...

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Accounting

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

Annual salary allowance to Bernard of $137,500.

Interest of 6% on each partner's capital balance on January 1.

Any remaining net income divided to King and Bernard, 1:2.

King and Bernard had $94,160 and $112,600, respectively, in their January 1 capital balances. Net income for the year was $250,000. How much is distributed to King and Bernard?

Note: Compute partnership share (no interim rounding), round final answers to the nearest whole dollar. King: $ Bernard: $

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