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iven tne above iomation, determine the total amount paid to Jacobs s ex-spouse in years 3 through 5. Problem 13-5 (LO 4) Allocation of profits and determination of capital balances. At the beginning of the current year, Meyers, Lincoln, and Kopinski formed a partnership to carry on their consulting practice. At that time, net assets of $59,000, $30,000, and $25,000 were contributed to the partnership by Meyers, Lincoln, and Kopinski, respectively. The part- nership provided for the allocation of profits among the partners as follows: I. All partners will receive 6% interest on their weighted-average capital balances, as defined. Capital balances will be the initial capital balances reduced by amounts withdrawn in excess of partners' salaries and asset dispositions, as discussed in item (5). Partners with a deficit bal- 2. Salaries for Meyers, Lincoln, and Kopinski are $120,000, $96,000, and $72,000, respec- 3. Each partner will also receive a bonus equal to 10% of his or her gross billings in excess of 4. As compensation for her duties as office administrator, Koprski will receive 10% of net ance will have their profit allocation reduced by the interest on such amounts. tively. All salaries are withdrawn at the end of each month $400,000 income after reduction for items (1) through (3) above. 5. To the extent that assets initially contributed to the partnership are determined to be exces- sive and not operational in nature, they will be disposed of during the first year. Any gain or loss on the disposal of such assets will be allocated to the partner who initially contributed such assets. The net sales proceeds from the dispositions will be distributed to the respective partner and their capital balance will be reduced accordingly 6. Remaining profits will be distributed equally among the partners