No SIM 2:39 PM texsu.blackboard.com ACCT 660 Net income for Levin-Tom partnership for 2016 was S150,000. Levin and Tom have agreed to distribute partnership net income according to the following plan: Domus oa net income before the bonas but after interest on average capital balaces Salaries Residual (if positive) Residual (if agalive 12% 40,000 550,000 (0% Additional Information for 2016 follows: 1. Levin began the year with a capital balance of $80,000. 2. Tom began the year with a capital balance of $100,000. 3. On March, Levin invested an additional $25,000 into the partnership. 4. On October 1, Tom invested an additional S20,000 into the partnership. 5. Throughout 2016, each partner withdrew $250 per week in anticipation of partnership net income. The partners agreed that these withdrawals are not to be included in the computation of average capital balances for purposes of income distributions Required: a. Prepare a schedule that discloses the distribution of partnership net income for 2016. Show supporting computations in good form. b. Prepare the statement of partners' capital at December 31 2016