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1. (3 points possible) Bryan, Jake, and Kelly formed the BJK Partnership on January 1, year 1. The business was formed by acquiring $200,000 cash
1. (3 points possible) Bryan, Jake, and Kelly formed the BJK Partnership on January 1, year 1. The business was formed by acquiring $200,000 cash from Bryan and $100,000 cash each from Jake and Kelly. During year 1, the EK Partnership earned $330,000 in cash revenues and paid $230,000 in cash expenses. During the year, Bryan withdrew $15,000 from the partnership while Jake and Kelly withdrew $10,000 each. The net income was allocated to the capital accounts of the partners in proportion to the amounts of their original investment. Prepare a capital statement for the EK Partnership. What are the year-end balances in each partner's capital account
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