Partnership Income Allocation-Various options The January 1, 2017, balance sheet of the partnership of Linda Kingston and Jeannette Allen is shown below Liabilities and Capital Assets Cash $24,000 abilities $72,000 Other assets 216,000 Capital Kingston 67,200 100,800 Capital Allen $240,000 Total liabilities and capital $240,000 Total assets The partnership reported revenues of $96,000 and expenses of $66,000 for 2017. Neither partner withdrew funds from the partnership during the year. Kingston invested $9,600 in the firm on June 28, 2017 Required Compute the December 31, 2017, capital balance for each partner under each of the following assumptions: For each of the following assumptions, use negative signs with answers that reduce the capital account balance. (a) The partnership agreement does not specify how income is to be divided. Kingston Allen Capital, January 1 67,200 100,800 9,600 nvestment Allocation of income Capital, December 31