Please show detailed solutions and explanations.
Lily and Collins established a partnership on January 1, 2017 with Lily contributing $16,000 cash and Collins contributing $20,000. On June 18, Collins invested in the partnership a new equipment with a purchase price of $4,800 and inventory items with a book value of $2,400 and fair value of $3,200. Meanwhile, Lily made an additional investment of $1,600 on March 5 and another $1,600 on August 1. On November 23, she made a withdrawal of $4,000. Collins made no withdrawals during the year.
- What is the weighted average capital balance of Lily at the end of 2019?
- What is the simple average capital balance of Ted?