On March 1, Eckert and Kelley formed a partnership. Eckert contributed $98,000 cash, and Kelley contributed land valued at $78,400 and a building valued at $108,400. The partnership also took Kelley’s $88,000 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert gets an annual salary allowance of $28,500, both get an annual interest allowance of 9% of their initial capital investment, and any remaining income or loss is shared equally. On October 20, Eckert withdrew $30,000 cash and Kelley withdrew $23,000 cash. First year income was $98,000.