5. If profits are not adequate, all provisions of the agreement will be satisfied, and any deficiency is to be allocated to the partners according to their profit and loss percentages. At the end of...

5. If profits are not adequate, all provisions of the agreement will be satisfied, and any deficiency is to be allocated to the partners according to their profit and loss percentages. At the end of 2012, the company reported profit of $590,000 of which $190,000 was properly allocated to Franklin. After all closing entries, the year-end 2012 capital balances were $300,000, $250,000, and $200,000 for Wilson, Watts, and Franklin, respectively. As initially reported by Franklin, the income of the partnership was $500,000 and $480,000 for the years 2013 and 2014, respectively, on sales of $1.65 million and $1.58 million for the years 2013 and 2014, respectively.

Prepare a schedule to determine the correct amount the partnership should pay to the estate of Franklin.