Problem
Sugar and Spice formed a partnership with capital contributions of $80,000 and $120,000, respectively. Their partnership agreement called for 1) Sugar to receive a $28601 for service, 2) each partner to receive 12% of their initial capital contributions, and 3) the remaining income or loss to be divided equally. If net loss for the current year is $44,000, what amount allocated to Sugar's capital account? Note: for debits enter a positive number (ie. 1000) and for credits enter a negative number (ie. -1000)
a) Round answer to nearest dollar. Do not use commas or $.
b) Debits are positive (ie. 1000) and credits are negative (ie. -1000).