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8 A, B and C formed a partnership on January 1, 2007 with investments of $200,000, $300,000 and $400,000 respectively. The profit and loss sharing ratio is 20% for A, 30% for B and 50% for C. For division of income, they have agreed: I, interest of 10% of beginning capital balance each year 2. annual compensation of $10,000 for B. The partnership earns $500,000 in its first year of operation. Each partner draws $1000 a month. What is B's share of the net income What is C's capital balance at the end of the first year 9 Able and Baker are partners with capital balances and profit and loss sharing percentages as follow: Able: $300,000 (40%) Baker: $ 300,000 (60%) Cooper approaches the partnership and it is agreed that for a payment of $80,000, Cooper will receive a 10% interest in future partnership profits. The goodwill method is to be used. What is the balance in Able's capital account after the admittance of Cooper