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Smith, West, and Krug form a partnership. Smith contributes $210,000, West contributes $175,000, and Krug contributes $315,000. Their partnership agreement calls for a 6% interest
Smith, West, and Krug form a partnership. Smith contributes $210,000, West contributes $175,000, and Krug contributes $315,000. Their partnership agreement calls for a 6% interest allowance on the partner's capital balances with the remaining income or loss to be allocated equally. If the partnership reports income of $216,000 for its first year, what amount of income is credited to Krug's capital account
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