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DU. 12120 2019: redrick, and Pastel began a partnership with the following balances, as of January 1, Miller, Capital Fredrick, Capital Pastel, Capital $ 40,000

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DU. 12120 2019: redrick, and Pastel began a partnership with the following balances, as of January 1, Miller, Capital Fredrick, Capital Pastel, Capital $ 40,000 60,000 80,000 The articles of partnership stipulate that profits and losses be assigned in the following manner: Each partner is allocated to 10 percent of beginning capital balance. Each partner is allowed to withdraw up to $10,000 cash per year. Any remaining profits and losses are allocated on a 3:3:4 basis. Assume net income is $100,000 and each partner withdraws the maximum amount allowed. Create an allocation of net income schedule, as well as a statement of partners' capital

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