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 $$400,000.$ Partner C was admitted to the

partnership during the year with a capital contribution of $$240,000.$ The Partnership Agreement provides for a salary to Partner C of $$40,000$ and interest on the respective Capital

Accounts of $$20,\frac{000}{\text{\$}}20,\frac{000}{\text{\$}}9,000,$ respectively. During the year, the partners withdrew $$16,\frac{000}{\text{\$}}16,\frac{000}{\text{\$}}8,000$ and the allocation of profit was $$92,\frac{400}{\text{\$}}92,\frac{400}{\text{\$}}46,200,$

respectively.

Prepare the Statement of Partners' Capital for the year.

Use a negative sign with your answers to indicate a reduction to a balance.