- 14 Suved Help Save & Exit Submit Check my work Purkerson, Smith, and Traynor have operated a bookstore for a number of years as a partnership. At the beginning of 2021, capital balances were as follows: Purkerson Smith Traynor $ 78,000 58,000 20,000 Due to a cash shortage, Purkerson invests an additional $4,000 in the business on April 1, 2021. Each partner is allowed to withdraw $500 cash each month. The partners have used the same method of allocating profits and losses since the business's inception: ces Each partner is given the following compensation allowance for work done in the business: Purkerson, $12,000; Smith, $22,000; and Traynor, $8,000. Each partner is credited with interest equal to 20 percent of the average monthly capital balance for the year without regard for normal drawings. Any remaining profit or loss is allocated 43:3 to Purkerson, Smith, and Traynor, respectively. The net income for 2021 is $20,000. Each partner withdraws the allotted amount each month. Prepare a schedule showing calculations for the partners' 2021 ending capital balances. (Amounts to be deducted should be indicated with minus sign.) BRE Show All ....pdf A AMAZING Prepare a schedule showing calculations for the partners' 2021 ending capital balances. (Amounts to be deducted indicated with minus sign.) Answer is complete but not entirely correct. PURKERSON, SMITH, and TRAYNOR Statement of Partners' Capital For the Year Ending December 31, 2021 Purkerson Smith Traynor Totals 78,000 $ 58,000 $ 20,000 $ 156,000 12,000 22,000 8,000 42,000 16,200 11,600 4,000 31,800 (21,520) 17,460 (4.140) (8,200) 84,680 $ 109,060 $ 27,860 $ 221,600 Beginning balances Additional contribution Net income Drawings Ending capital balances