2. Annie, Brandon, and Xander formed a partnership on January 1, 2020, with investments of $100,000, $150,000, and $200,000, respectively. They agreed to the following for division of income:

(i) interest of 10% of the beginning capital balance each year,

(ii) annual compensation of $10,000 to Brandon, and

(iii) sharing the remainder of the income or loss in a ratio of 20% for Annie, and 40% each for Brandon and Xander.

Net income was $160,000 in 2020 and $190,000 in 2021.

Each partner withdrew $1,000 for personal use every month during 2020 and 2021. What was the total capital balance for the partnership at December 31, 2020?

A. $610,000

B. $574,000

C. $564,000

D. $545,000

E. $535,000