3. Beth and Kay operate a partnership business. Their capital balances on January 1, 2008 were $160,000 and $240,000 respectively. On April 1, 2008 Beth withdrew cash of $32,000 and Kay withdrew $60,000 on October 1, 2008. Beth and Kay distribute partnership incomes on the basis of their average capital balances each year. The partnership agreement also provides that Beth is to be paid a salary of $4000 per year and Kay is to receive a bonus of $5000 a year, before any income is distributed. Kay is also to be paid a commission of 4% on any turnover exceeding $250,000. The business earned a net income of $200,000 and had a total turnover of $400,000. Compute the income to be distributed to the partners and show the balances of their capital accounts at the end of the year 2008