Ell, Far, and Gar are partners who share profits and losses 30 percent, 30 percent, and 40

Question:

Ell, Far, and Gar are partners who share profits and losses 30 percent, 30 percent, and 40 percent, respectively, after Ell and Far each receive a $32,000 salary allowance. Capital balances on January 1, 2016, are as follows:
Ell (30%) ................ $69,000
Far (30%) .............. 85,500
Gar (40%) .............. 245,500
During 2016, Gar invested an additional $20,000 in the and Ell and Far each withdrew $32,000, equal to their salary allowances as provided by the profit- and loss-sharing agreement. The net assets at December 31, 2016, were $481,000.
REQUIRED:
Prepare a statement of capital for the year ended December 31, 2016.
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...