partnership activity 2018 Jan. 1 Question 3, Problem 12-6B HW Score %% 0 of 10 points Hubert and Abela agree to accept Myra Smith into the partnership with a $175,000 investment for 40 percent of the business. The partnership agreement is amended to provide for the following sharing of profits and losses: Hubert Abela Smith Service......... $ 125,000 $ 95,000 $ 85,000 Interest on capital balance before allocation of income 5% 5% 5% Balance of ratio of.. 2 3 5 Dec. 31 The partnership's reported net income was $485,000. 2019 Oct. 10 Hubert withdrew $88,000 cash from the partnership and Abela withdrew $61,000 (Smith did not make any withdrawals). Dec. 31 The partnership's reported net income was $250,000. 2020 Jan. 2 After a disagreement as to the direction in which the partnership should be moving, Smith decided to withdraw from the partnership. The three partners agreed that Smith could take cash of $459,718.5 in exchange for her equity in the partnership. Print Done is Calculator Ask my instructor gree to eded.) Clear all Check a