On January 2, year 1, JANE and JOHN created a new partnership. The following items were contributed by each partner: JANE JOHN Cash 80,000 95,000 Inventory 18,000 Building 315,000 Equipment 110,000 The building is subject to a mortgage of $90,000, which the partnership has assumed. The partnership agreement specifies that each partner receives 15% interest on beginning capital. JANE receives an annual salary of $25,000; JOHN receives an annual salary John of $40,500. The residual profit or loss is divided using a 30%/70% ratio with 30% assigned to JANE and 70% assigned to JOHN. During the year, the partnership had income of $350,000. Assume that there were no drawings during year 1. Use the above information to answer the following 4 questions. 1aWhat will be the beginning capital balance for Jane? 16. What will be the beginning capital balance for John? 2a. How much interest will be allocated to Jane's capital account? 2b. How much interest will be allocated to Johns Capital account? 3a. How much remaining net income is allocated to Jane after consideration of interest and compensation? 3b. How much remaining net income is allocated to John after consideration of interest and compensation? 4a. What is the ending Year 1 capital balance for Jane? 4b. What is the ending Year 1 capital balance for John