On January 1, 2021, the partnership of Curry, Green, and Poole was formed when the partners contributed $60,000, $50,000, and $70,000 into the business, respectively. The three partners agreed to allocate each year's partnership profit (or loss) to the partners according to a plan specified as follows: - Each partner is entitled to interest computed at the rate of 10% per year based on his/her capital balances at the beginning of that year. - Because of prior work experience, Curry is entitled to an annual bonus of $8,000, and Poole is entitled to an annual salary allowance of $12,000. - Any remaining amount after the allocation above will be allocated as follows: Curry, 30%, Green, 50%, and Poole, 20%. During 2021, each partner withdrew $4,000 of cash from the partnership, and Partner Green invested an additional $16,000 into the partnership on June 30. At the end of 2021, the business reported a net income of $23,000 for the year. Required: 1. Determine how the partnership's net income of $23,000 should be allocated to the three partners. What amount should be allocated to each partner's account? (3 points) Curry: Green: 2. Determine each partner's capital balance at the end of 2021. (3 points) Curry: Green: Poole: Poole: 3. If the partnership had a net loss of $10,000 in 2021 (instead of a net income of $23,000) and everything else remains the same, how much would Green's capital balance be at 12/31/21? (2 points) Answer: