8. James, Keller, and Rivers have the following capital balances; $48,000, $70,000 and $90,000 respectively. Because of a cash shortage James invests an additional $12,000 on June 1st. Each partner withdraws $1,000 per month. James, Keller, and Rivers receive a salary of $13,000, $15,000 and $20,000, respectively, for work done during the year. Each partner receives interest of 8% on their weighted average capital balance without regard to normal drawings. Any remaining profits are split 20%, 30%, and 50% respectively. The net income for the year is $30,000. What are the ending capital balances for each partner?

Remaining income (loss):

CALCULATION OF JAMES INTEREST ALLOCATIOM

Interest (8%) Salary James $4,400 (below) 13,000 Keller $ 5,600 15,000 Rivers $ 7,200 20,000 Totals $ 17,200 48,000