Alpha, Beta, and Gamma established a partnership. The
partnership rules state that income will be distributed by:1) Alpha
receives $12,000 salary (2) each partner receives 7% interest on
average capital balances (3) remaining income is distributed 1:2:1
(Alpha, Beta, Gamma). The amount draw exceeds income for any
partner must be contributed back to the partnership
The year begins with capital as follows: Alpha = $50,000, Beta =
$75,000, Gamma = $50,000. During the year, Alpha had draw of
$10,000 taken...