Derek and Kent Are Partners

Essay

Derek and Kent are partners.At the beginning of the current year,Derek's capital account is $30,000,while Kent's is $50,000.The partners decided to allocate income with 10% interest on capital balances at the beginning of the period and divide the balance equally.Net income for the current year,2017,is $80,000.Each partner withdrew $15,000 for personal use during the year.Determine the amount of income that each partner will be allocated.