Net income for the year is $420,000

At the beginning of the current year, Meyers, Lincoln, and Kopinski formed a partnership. At that time, net assets of $59,000, $30,000, and $25,000 were contributed to the partnership by Meyers, Lincoln, and Kopinski.The partnership provided for allocation of partners as folows:

1. All partners will receive 6% interest on their weighted average capital balances, as defined. Capital balances will be the intial capital balances reduced by amounts withdrawn in excess of partners salaries and asset dispositions, as discussed in item (5). Partners with a defecit balance will have their profit allocation reduced by the interest on such accounts.

2. Salaries for Meyers, Lincoln, and KopinskiCan you please show me are $120,000, $96,000, and $72,000, respectively. All salariesare with drawn at the end of each month.

3. Each partner will also receive a bonus equal to 10% of his or her gross billings in excess of $400,000.

4. As compensation for her duties as office administrator, Kopinski will receive 10% of net income after reduction for items (1) and (3) above.

5. To the extent that assets intially contributed to the partnershipare determined to be excessive and not operational in nature, they will be disposed ofduring the first year. Any gain or loss on the disposal of such asssets will be allocated to the partnerwho intially contributed such assets. The net sales proceeds from the dispositions wil be distributed to thge respectivepartner and their capital balance will be reduced accordingly.

6. Remaining profits will be distributed equally amoung the partners.

The following information is relevant:

1. March 31, $20,000 of tangible assets contributed by meyers were sold for $15,000.

2. June 30, both Lincoln and Kopinski had drawings in excess of their salaries in the amount of $20,000 and $60,000 respectively. On September 30, Meyers withdrew $25,000 in excess of his salary.

3. Gross billings during the current year were $500,000, $380,000, and $450,000 for Meyers, Lincoln, and Kopinski, respectively.

Determine the final end-of-year cpital balances for each partner, after all relevant closing entries are made.

Please show how to calculate and answer chapter 13 Problem 13-5 "Allocation of profits and determination of capital balances" from 12th edition advanced accounting textbook. The problem is stated above Thank you: