A partnership has the following capital balances: Comprix (50% of gains and losses) $ 200,000 Heflin (25%) 300,000 Kaplan (25%) 400,000 Mahar is going to pay a total of $298,000 directly to these three partners to acquire a 25 percent ownership interest from each. Goodwill is to be recorded. What is Heflins capital balance after the transaction?

A partnership begins its first year with the following capital balances:

Alfred, Capital	$	52,000
Bernard, Capital		62,000
Collins, Capital		72,000

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.
• 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 $5,000 cash per year.

Assuming that the net income is $62,000 and that each partner withdraws the maximum amount allowed, what is the balance in Collins capital account at the end of that year?