Question 17 of 18 < > View Policies Current Attempt in Progress -/1 1 The Smith and Jones partnership agreement stipulates that profits and losses will be shared equally after salary allowances of $120,000 for Smith and $60,000 for Jones. At the beginning of the year, Smith's Capital account had a balance of $240,000, while Jones' Capital account had a balance of $210,000. Net income for the year was $150,000. The balance of Jones' Capital account at the end of the year after closing is $270,000. $255,000. O $285,000. $60,000. Save for Later Last saved 2 minutes ago. Attempts: 0 of 1 used Submit Answer Saved work will be auto-submitted on the due date. Auto-