$2-1.$ Norr and Caylor established a partnership on January $1,2019.$ Norr invested cash of $$100,000$ and Caylor invested $$30,000$ in cash and equipment with a book value of $$40,000$ and fair value of $$50,000.$ For both partners, the beginning capital balance was to equal the initial investment. Norr and Caylor agreed to the following procedure for sharing profits and losses:

o $12\%$ interest on the yearly beginning capital balance

o $$10$ per hour of work that can be billed to the partnership's clients

o the remainder divided in a $3$:$2$ ratio

The Articles of Partnership specified that each partner should withdraw no more than $$1,000$ per month, which is accounted as direct reduction of that partner$$s capital balance.

For $2019,$ the partnership's income was $$70,000.$ Norr had $1,000$ billable hours, and Caylor worked $1,400$ billable hours. In $2020,$ the partnership's income was $$24,000,$ and Norr and Caylor worked $800$ and $1,200$ billable hours respectively. Each partner withdrew $$1,000$ per month throughout $2019$ and $2020.$

o Determine the amount of net income allocated to each partner for $2019.$