3 On April 1, 2019, Harinder Singh and Maryka Jones formed a partnership. Of the total $50,000 of initial capital, Harinder contributed $36,000, with Maryka contributing the yea remainder. The partnership agreement specified that annually, interest of 6% would be paid on each partner's opening capital account balance. Further, salaries of $30,000T would be paid to each partner annually, and any remaining profit or loss would be allocated 60% to Harinder and 40% to Maryka. Initial profit for the first year of operations, prior to any salary or interest payments, was $110,000.
