Shawn invests $125,000 cash and $70,000 Equipment to form partnership of NH CableSource.The Equipment has a notes payable of $50,000.Dan invests $80,000 cash to Nh CableSource.Show the entries to form the partnership.The allocation agreement for income is salary Shawn $35,000, Dan $25,000, annual interest allowance of %15 percent of partner beginning capital balance and the rest of income or loss divided equally.During the year Shawn withdraws $15,000 cash and Dan withdraws $10,000 cash.Net Income for the year is $125,000.Calculate the ending capital balances for Shawn and Dan.

HINT: The withdrawal is not part of the Income Distribution it needs to go at the end