Ell, Far, and Gar are partners who share profits and losses 20 percent, 20 percent, and 60 percent, respectively, after Ell and Far each receive a $12,000 salary allowance. Capital balances on January 1, 2011, are as follows: Ell (20%) $69,000 Far (20%) 85,500 Gar (60%) 245,500 During 2011, Gar invested an additional $20,000 in the partnership, and Ell and Far each withdrew $12,000, equal to their salary allowances as provided by the profit- and loss-sharing agreement. The partnership net assets at December 31, 2011, were $481,000.