Problem
Goodman, Pinkman, and White formed a partnership on January 1, 2020, and made capital contributions of $125,000 (Goodman), $175,000 (Pinkman), and $250,000 (White), respectively. With respect to the division of income, they agreed to the following:
(I) interest of an amount equal to 10% of the that partner's beginning capital balance for the year; (II) annual compensation of $15,000 to Pinkman; and (III) the remainder of the income or loss to be split among the partners in the following percentages:
(i) 20% for Goodman; (ii) 40% for Pinkman; and (iii) 40% for White.
Net income was $200,000 in 2020 and $240,000 in 2021. Each partner withdrew $1,500 for personal use every month during 2020 and 2021. What was White's capital balance at the end of 2020?