Purkerson, Smith, and Traynor have operated a bookstore for a number of years as a partnership. At the beginning of $2021,$ capital balances were as follows:Purkerson, Smith, and Traynor have operated a bookstore for a number of years as a partnership. At the beginning of $2021,$ capital

balances were as follows:

Due to a cash shortage, Purkerson invests an additional $$10,000$ in the business on April $1,2021.$

Each partner is allowed to withdraw $$800$ cash each month.

The partners have used the same method of allocating profits and losses since the business's inception:

Each partner is given the following compensation allowance for work done in the business: Purkerson, $$14,000$;Smith,$$30,000$;

and Traynor, $$4,000.$

Each partner is credited with interest equal to $20$ percent of the average monthly capital balance for the year without regard for

normal drawings.

Any remaining profit or loss is allocated $4$:$2$:$4$ to Purkerson, Smith, and Traynor, respectively. The net income for $2021$ is $$46,000.$

Each partner withdraws the allotted amount each month.

Prepare a schedule showing calculations for the partners' $2021$ ending capital balances. $($Amounts to be deducted should be

indicated with minus sign.$)$

Purkerson $ $70,000$

Smith $50,000$

Traynor $20,000$

Due to a cash shortage, Purkerson invests an additional $$10,000$ in the business on April $1,2021.$

Each partner is allowed to withdraw $$800$ cash each month.

The partners have used the same method of allocating profits and losses since the business's inception:

Each partner is given the following compensation allowance for work done in the business: Purkerson, $$14,000$; Smith, $$30,000$; and Traynor, $$4,000.$

Each partner is credited with interest equal to $20$ percent of the average monthly capital balance for the year without regard for normal drawings.

Any remaining profit or loss is allocated $4$:$2$:$4$ to Purkerson, Smith, and Traynor, respectively. The net income for $2021$ is $$46,000.$ Each partner withdraws the allotted amount each month.