James, Keller, and Rivers have the following capital balances; $$90,000,$ $$85,000$ and

$$125,000$ respectively. Because of a cash shortage James invests an additional

$$25,000$ on June $1$st$.$ Rivers withdraw $$15,000$ on october $1$st Each partner made

Drawings for $$1,250$ per month. James, Keller, and Rivers receive a salary of $$25,000,$

$$15,000$ and $$30,000,$ respectively, for work done during the year. Each partner

receives interest of $12\%$ on that partner$$s monthly weighted average capital balance

without regard to normal drawings. Any remaining profits are split $20\%,30\%,$ and $50\%$

respectively. The net income for the year is $$80,000.$ What are the ending capital

balances for each partner?

Required

$1.$ Prepare schedule of net income allocation

$2.$ Prepare a SStatatement of Partners Capital

$3.$ Prepare a Closing entries