The following additional partner transactions took place during the year: 1. In early January, Lance McGinnis is admitted to the partnership by contributing $50,000 cash for a 20% interest. 2. Net income of $250,000 was earned in 2012. In addition, Scott Wilson received a salary allowance of $45,000 for the year. The three partners agree to an income-sharing ratio equal to their capital balances after admitting McGinnis. 3. The partners' withdrawals are equal to half of the increase in their capital balances from salary allowance and income