Prepare statement of partners capital Assume that there are three partners in a partnership, A, B, and C. Partners A and B each began the year with a capital account of $500,000. Partner C was admitted to the partnership during the year with a capital contribution of $300,000. The Partnership Agreement provides for a salary to Partner C of $50,000 and interest on the respective Capital Accounts of $25,000/$25,000/$11,250, respectively. During the year, the partners withdrew $20,000/$20,000/$10,000 and the allocation of profit was $115,500/$115,500/$57,750, respectively. Prepare the Statement of Partners Capital for the year.

Total Statement of Partners' Capital: Capital account, beginning of year Capital contributions 0$1,000,000 500,000 $ 500,000 00,000 00,000V Withdrawals 20,000 X 20,000 X 50,000 X 10,000 X Salary 50,000 50,000 Interest 25,000 25,000 11,250 61,250 Allocation of remaining profit 288,750 15,500 15,500 57,750