On January 1, Year 1, Harry, Hermione, and Ron form the partnership Magic Wands. Harry contributes his elder tree containing many branches suitable for making wands. The tree originally cost Harry $1,000 but now has an appraised value of $5,000. Herminone promises to provide accounting support, handle all contracts, human resource functions and similar functions while Ron promises to run the business on a day to day function. Hermione contributes $4,000 in start-up money while Ron can only contribute $1000 in start-up funds. Accordingly, the partnership agreement states that income is to be allocated accordingly: 1. Each partner is to get a 10% return on their beginning capital balance. 2. Ron is to receive $12,000 for operationg the business. 3. The remaining income or losses is to be allocated to Harry, Hermione, and Ron on a ratio of 30%, 30%, and 40% 4. Harry and Hermione can withdraw $500 a month each while Ron can withdraw $1,000. After great effort, the partnership is successful and earns income in each of the first three years: Year Income 1 $ 15,000 2 $ 45,000 3 $ 60,000 Make tables to allocate income and show ending capital balance at the end of each of the three Years.