2 P References Exercise 11-4 Profit allocation in a partnership LO3 Dallas and Weiss formed a partnership to manage rental properties, by investing $161.000 and $189,000, respectively. During its first year, the partnership recorded profit of $457,000 Required: Prepare calculations showing how the profit should be allocated to the partners under each of the following plans for sharing profe and losses: a. The partners failed to agree on a method of sharing profit. Share to Dallas Share to Weiss Total b. The partners agreed to share profits and losses in proportion to their initial investments.