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Cox, North, and Lee form a partnership. Cox contributes $183,000, North contributes $152,500, and Lee contributes $274,500. Their partnership agreement calls for a 6% interest
Cox, North, and Lee form a partnership. Cox contributes $183,000, North contributes $152,500, and Lee contributes $274,500. Their partnership agreement calls for a 6% interest allowance on the partner's capital balances with the remaining income or loss to be allocated equally. If the partnership reports income of $183,600 for its first year, what amount of income is credited to North's capital account?
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