March 1, Eckert and Kelley formed a partnership. Eckert contributed $79,000 cash, and Kelley contributed land valued at $63,200 and a building valued at $93,200. The partnership also took Kelleys $69,000 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert gets an annual salary allowance of $28,500, both get an annual interest allowance of 10% of their initial capital investment, and any remaining income or loss is shared equally. On October 20, Eckert withdrew $31,000 cash and Kelley withdrew $24,000 cash. First year income was $83,000