David, Adams, and Spring formed a partnership on January 1, 2016, with investments of $100,000,...
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David, Adams, and Spring formed a partnership on January 1, 2016, 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 Adams, and (3) sharing the remainder of the income or loss in a ratio of 20% for David, and 40% each for Adams and Spring. Net income was $150,000 in 2016 and $180,000 in 2017. Each partner withdrew $1,000 for personal use every month during 2016 and 2017. What was Adams total share of the income?
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