Ine parners nave usea the same metnoa or allocating protits ana osses since ine busness's inception: - Each partner is given the following compensation allowance for work done in the business: Purkerson, $15,000; Smith, $25,000; and Traynor, $8,000. - Each partner is credited with interest equal to 20 percent of the average monthly capital balance for the year without regard for normal drawings. - Any remaining profit or loss is allocated 4:2:4 to Purkerson, Smith, and Traynor, respectively. The net income for 2021 is $29,000. Each partner withdraws the allotted amount each month. Prepare a schedule showing calculations for the partners' 2021 ending capital balances. (Amounts to be deducted should be indicated with minus sign.) Purkerson, Smith, and Traynor have operated a bookstore for a number of years as a partnership. At the beginning of 2021 , capital balances were as follows: Due to a cash shortage, Purkerson invests an additional $6,000 in the business on April 1, 2021 . Each partner is allowed to withdraw $700 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, $15,000; Smith, $25,000; and Traynor, $8,000. - Each partner is credited with interest equal to 20 percent of the average monthly capital balance for the year without regard for normal drawings. - Any remaining profit or loss is allocated 4:2:4 to Purkerson, Smith, and Traynor, respectively. The net income for 2021 is $29,000. Each partner withdraws the allotted amount each month. Prepare a schedule showing calculations for the partners' 2021 ending capital balances. (Amounts to be deducted should be indicated with minus sign.)