On January 1, 2020, the dental partnership of Angela Diaz, and Krause was formed when the partners contributed $53,000 $81,000. and $83.000, respectively Over the next three years, the business reported net income and floss) as follows 2020 2021 2022 $ 93,000 65.000 (43,000) During this period, each partner withdrew cash of $16,000 per year. Krause invested an additional $5.000 in cash on February 9, 2021 At the time that the partnership was created, the three partners agreed to allocate alt profits and tosses according to a specified plan written as follows Each partner is entitled to interest computed at the rate of 10 percent per year based on the individual capital balances at the beginning of that year Because of prior work experience, Angelo is entitled to an annual salary allowance of $17000 per year, and Diaz is entitled to an annual salary allowance of $11.300 per year . Any remaining profit will be split as follows Angelo, 20 percent, Diez45 percent, and Krause, 35 percent. If a net loss remains ater the initial allocations to the partners, the balance will be allocated Angelo, 30 percent Diaz, 55 percent, and Krause, 15 percent Prepare a schedule that determines the ending capital balance for each partner as of the end of each of these three years, Complete this question by entering your answers in the tabs below. Ending Capital Ending Capital Ending Capital Balance 2020 Balance 2021 Balance 2022 Drew schedule that dateemines the endina carital balance for each rates of the end of 2070 Amuntah Saved Any remaining pront will be sput as to Ows Angeia, cu percent Diaz, 45 percent; ana Krause, 30 percent. Ita net loss remains aner the initial allocations to the partners, the balance will be allocated. Angela, 30 percent. Diaz. 55 percent, and Krause, 15 percent Prepare a schedule that determines the ending capital balance for each partner as of the end of each of these three years Complete this question by entering your answers in the tabs below. Ending Capital Ending Capital Ending Capital Balance 2020 Balance 2021 Balance 2022 Prepare a schedule that determines the ending capital balance for each partner as of the end of 2020. Amounts to be deducted should be indicated with minus sign) ANGELA, DIAZ, and KRAUSE Statement of Partners' Capital For the Year Ending December 31, 2020 Angela Diaz Krause Total Beginning balances $ 53,000 $ 81,000 5 83 000 $ 217.000 Not income allocation 0 Drawings O Ending balances $ 53.000 $ 81,000 $ 83.000 $ 217.000 Ending Capital Balance 2021 >
