11 ..Norr and Caylor established a partnership on January 12016. Norr invested cash of $187,000 0 and fair value of $60,000. For both partners, the beginning capital balance was to equal the initial investment. Nori and Caylor agreed to the following procedure for sharing profits and losses: -12% interest on the yearly beginning capital balance -$10 per hour of work that can be billed to the partnership's clients - the remainder divided in a 3:2 ratio The Articles of Partnership specified that each partner should withdraw no more than $1,000 per month. For 2016, the partnership's income was $45,000. Norr had 1,200 billable hours, and Caylor worked 1,600 billable hours. Each partner withdrew $1,000 per month throughout 2016. a. Determine the amount of net income allocated to each partner for 2016. (3 pts) b. Determine the ending capital balances for each partner for 2016. (3 pts) Page 10 of 13