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Mav, Sal, and Davy have operated a small hardware store for a number of years as a partnership. At the beginning of 2021, the capital

Mav, Sal, and Davy have operated a small hardware store for a number of years as a partnership. At the beginning of 2021, the capital balances were as follows: Mav $90,000 Sal $70,000 Davy $30,000 Due to a cash shortage, Mav invests an additional $16,000 in the business on April 1, 2021. Each partner withdraws just $1,000 cash each month. The partners have used the same method of allocating profits and losses since they started the business. -Each partner is given the following compensation for their work at the store: Mav $12,000 Sal $28,000 Davy $8,000 -Each partner is credited with interest equal to 20% of the average monthly capital balance for the year without regard for normal drawings. -Any remaining profit or loss is allocated 3:3:4 to Mav, Sal and Davy, respectively. The net income for 2021 is $32,000 Each partner withdraws the allotted amount each month. Prepare a schedule showing the distribution of 2021 net income to the partners following the method of allocating profits and losses used by the partners since they started the business

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