8 P and Q are in partnership, sharing profits in the ratio 2:1. On 1 July 2004 they admitted P’s son R as a partner. P

guaranteedthatR’sprofitsharewouldnotbelessthan$25,000forthesixmonthsto31December2004.TheprofitsharingarrangementsafterR’sadmissionwereP50%,Q30%,R20%.Theprofitfortheyearended31December2004is$240,000,accruingeven