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, Smiths 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

1.$270,000.

2.$60,000.

3. $255,000.

4. $285,000.