At year-end, the Circle City partnership has the following capital balances: Manning, Capital 190,000 Gonzalez, Capital 170,000 140,000 reeney, Capital 130,000 Clark, Capital Profits and losses are split on a 3:3:2:2 basis, respectively. Clark decides to leave the partnership and is paid $146,000 from the business based on the original contractual agreement. The payment made to Clark beyond his capital account was for Clark's share of previously unrecognized goodwill. After recognizing partnership goodwill, what is Manning's capital balance after Clark withdraws? Multiple Choice $191,800 196,000 194,500 $199,000 Problem 14-22 (LO 14-4,14-5,14-6) Purkerson, Smith, and Traynor have operated a bookstore for a number of years as a partnership. At the beginning of 2018, capital balances were as follows: 50,000 30,000 10,000 Purkerson Smith Traynor Due to a cash shortage, Purkerson invests an additional $4,000 in the business on April 1, 2018 Each partner is allowed to withdraw $500 cash each month The partners have used the same method of allocating profits and losses since the business's inception Each partner is given the following compensation allowance for work done in the business: Purkerson, $10,000; Smith, $20,000; and Traynor, $6,000 normal drawings Each partner withdraws the allotted amount each month Each partner is credited with interest equal to 15 percent of the average monthly capital balance for the year without regard for Any remaining profit or loss is allocated 4:2:4 to Purkerson, Smith, and Traynor, respectively. The net income for 2018 is $25,000 What are the ending capital balances for 2018? Ending Capital Balances Purkerson Smith Trayno Totals