1.The party to receive a distribution of principal from an estate is legally called a(n):

	Principal grantee.
	Corpus benefitor.
	Estate receiver.
	Remainderman.
	Estate distributee.

2.Cleary, Wasser, and Nolan formed a partnership on January 1, 2012, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Wasser, and (3) sharing the remainder of the income or loss in a ratio of 20% for Cleary, and 40% each for Wasser and Nolan. Net income was $150,000 in 2012 and $180,000 in 2013. Each partner withdrew $1,000 for personal use every month during 2012 and 2013.

What was Cleary's capital account balance at the end of 2013?

	$163,420.
	$151,420.
	$139,420.
	$100,000.
	$142,000.

3. What was the total capital balance for the partnership at December 31, 2012?

	$600,000
	$564,000
	$535,000
	$523,000
	$545,000