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Sara King and Ray Lee are partners in the Kingslee Company. The partnership agreement provides...

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Accounting

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Sara King and Ray Lee are partners in the Kingslee Company. The partnership agreement provides for 1) salary allowances of $7,800 for Sara and $7,000 for Ray, 2) interest allowances of 12% on capital balances at the beginning of the year, and 3) the remaining income to be split so that Sara earns 51% and Ray earns 49%. Beginning Capital balances were King $28,000 and Lee $24,000. The division of the 2003 partnership income of $22,000

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