Cox, North and Lee form a partnership. Cox contributes $192,000, North contributes $160,000, and Lee contributes $288,000. Their partnership agreement calls for an allocation of 6% interest on the partner's principal balances, and any remaining income or loss will be allocated equally. 

If the partnership reports income of $164,400 in its first year, how much of the income is credited to North's capital account?

Answer rating: 100% (QA)

First we need to calculate the total amount of interest to be alloc... View the full answer