Eagle, Franks and Gordon formed a partnership on January 1, 2007, with investments of $100,000, $150,000 and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Franks and (3) sharing the remainder of the income or loss in a ratio of 20% for Eagle and 40% each for Franks and Gordon. Net income was $150,000 in 2007 and $180,000 in 2008. Each partner withdrew $1,000 for personal use every month during 2007 and 2008.
- What was Gordon's share of income for 2007?
- What was Gordon's capital balance at the end of 2007?
- What was Franks's share of income for 2007?