Jing, Kang and Liang have interests in the JKL Partnership. Partnership income for the year is $300,000. The partnership agreement specifies that partnership income is to be allocated as follows: salaries of $80,000 to Jing, $50,000 to Kang, and $50,000 to Liang; a bonus of 20% of partnership income, after deducting salaries and bonus, to Kang, and the remainder allocated between the three partners in a 3:1:1 ratio

The total allocation to Liang is:

A partnership agreement specifies that each partner is to receive 25 percent interest on their weighted average capital balance for the year. Suppose a partners capital account starts the year with a balance of $120,000. On May 1, $20,000 is withdrawn. On August 1, $50,000 is invested. On December 1, $18,000 is withdrawn. How much partnership income for the year will be allocated to the partner for interest on capital?