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2.) The Crump Company is organized as a partnership and has 5 partners (A,B,C,D and E). At the beginning of 2017 they have capital balances

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2.) The Crump Company is organized as a partnership and has 5 partners (A,B,C,D and E). At the beginning of 2017 they have capital balances as follows: A $ 25,000 $ 32,000 $ 17,000 $50,000 E $27,000 The partnership agreement provides the following: a.) Interest will be credited to each partner at the rate of 8% per year on their average capital balance without regard for normal drawings. b.) Each partner can withdraw $ 500 cash per month. c.) Partners A, B and C receive compensation allowances as follows: A-$ 10,000, B- $ 12,000 and C- $ 15,000. Partners D and Eare" non-working" partners and thus do not receive d.) Remaining profits after interest and compensation is allocated as follows: A- 15 %, B- 20 %, C-30%, D-10 % and E-25%. Results of 2017 reveal the following: Net income for 2017 was $ 200,000 Because of a need for additional capital, each partner contributed their proportionate share, based on profit sharing percentages, on June 30th, 2017. The total contributed was $ 100,000 Partners A and E withdrew $ 10,000 over their allowed amount on September 30th, 2017. Compute the ending capital balance of the partnership AND each partner on December 31, 2017. 15 points

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