Hello I need help with this accounting problem.

Assignment Content Norr and Caylor established a partnership on January 1. 201 9. Norr invested cash of $100,000 and Caylor invested $30,000 in cash and equipment with a book value of $40,000 and fair value of $50,000. For both partners. the beginning capital balance was to equal the initial investment. Norr and Caylor agreed to the following procedure for sharing profits and losses: ~ 12% interest on the yearly beginning capital balance * $10 per hour ofwork that can be billed to the partnership's clients - the remainder divided in a 3:2 ratio The Articles of Partnership specied that each partner should withdraw no more than $1,000 per month, which is accounted as direct reduction of that partner's capital balance. For 2019, the partnership's income was $70,000. Norr had 1,000 billable hours. and Caylor worked 1.400 billable hours. In 2020, the partnership's income was $24,000. and Norr and Caylor worked 800 and 1,200 billable hours respectively. Each partner withdrew $1.000 per month throughput 2019 and 2020. Complete the following: ~ Determine the amount of net income allocated to each partner for 2019. - Determine the balance in both capital accounts at the end of 2019. - Determine the amount of net income allocated to each partner for 2020. {Round all calculations to the nearest whole dollar]. - Determine the balance in both capital accounts at the end of 2020 to the nearest dollar