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

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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 $600 cash each month. The parthers 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, $14,000;$mith,$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 5:3:2 to Purkerson, Smith, and Traynor, respectively. The net income for 2021 is $27,000. 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.) Prepare a schedule showing calculations for the partners' 2021 ending capital balances. (Amounts to be deducted should be indicated with minus sign.)

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