A partnership begins Its first year with the following capital balances: Alfred, Capital Bernard, Capital 70,00 Collins, Capital $60,808 80,00e The articles of partnership stipulate that profits and losses be assigned in the following manner Each partner is allocated interest equal to 5 percent of the beginning capital balance. Bernard is allocated compensation of $16,000 per year Any remaining profits and losses are allocated on a 3:3:4 basis, respectively Each partner is allowed to withdraw up to $5,000 cash per year. Assuming that the net income is $70,000 and that each partner withdraws the maximum amount allowed, what is the balance in Collins capital account at the end of that year? Mutiple Choice S101.400 S83,350 S84,000 96,400