A partnership begins its first year of operations with the following capital balances: Winston, Capital Durham, Capital Salem, Capital $88,000 78,000 88,000 According to the articles of partnership, all profits will be assigned as follows: Winston will be awarded an annual salary of $12,000 with $6,000 assigned to Salem. The partners will be attributed interest equal to 10 percent of the capital balance as of the first day of the year. The remainder will be assigned on a 5:2:3 basis, respectively. Each partner is allowed to withdraw up to $10,000 per year. The net loss or the first year o operations is $32,000 and net income or the subsequent year s $ period. What is the balance in Winston's capital account at the end of the second year? ac partner nd a s em ax. um an ount on the businesse ac Multiple Choice $73,610 $61,100 $69,210 $63,610 A partnership begins its first year with the following capital balances Alfred, Capital $64,000 Bernard, Capital 74,000 Collins,Capital 84,000 The articles of partnership stipulate that profits and losses be assigned in the following manner: Each partner is allocated interest equal to 7 percent of the beginning capital balance Bernard is allocated compensation of $20,000 per year. Any remaining profits and losses are allocated on a 3:3:4 basis, respectively. Each partner is allowed to withdraw up to $4,000 cash per year Assuming that the net income is $74,000 and that each partner withdraws the maximum amount allowed, what is the balance in Collins capital account at the end of that year? Multiple Choice $101,264 $89,880 $105.264 $89,726