A partnership begins its first year with the following capital balances: The articles of partnership stipulate that profits and losses be assigned in the following manner: - Each partner is allocated interest equal to 6 percent of the beginning capital balance. - Bertrand 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 $5,000 cash per year. Assuming that the net income is $62,000 and that each partner withdraws the maximum amount a Multiple Choice $83,656 $88,656 $76,320 $74,404