Exercise 175 al-a3 (Part Level Submission) Ando, Dadd, and Porter formed a partnership on January 1, 2020. Ando invested $60,000, Dadd $60,000 and Porter $140,000. Ando will manage the store and work 40 hours per week in the store. Dadd will work 20 hours per week in the store, and Porter will not work. Each partner withdrew 40 percent of his income distribution during 2020. If there was no income distribution to a partner, there were no withdrawals of cash. Compute the partners' capital balances at the end of 2020 under the following independent conditions: (Hint: Use T accounts to determine each partner's capital balances.) (al) Your answer is correct. Net income is $120,000 and the income ratio is Ando 40%, Dadd 35%, and Porter 25%. Ando Dadd Porter ! Capital balances 88800 8520 158000 Click if you would like to Show Work for this question: Open Show Work (a3) x Your answer is incorrect. Try again. Net income is $76,000 and the partnership agreement provides for (a) a salary of $40,000 to Ando and $40,000 to Dadd, (b) interest on beginning capital balances at the rate of 10%, and (c) any remaining income or loss is to be shared by Ando 40%, Dadd 35%, and Porter 25%. Ando Dadd Porter Capital balances Castea balances 74400 700 75300 750 1290 129900 Click if you would like to Show Work for this question: Open Show Work