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2. Prepare a statement of changes in equity showing the allocation of profit to the partners, assuming they agree to use alternative (c) and
2. Prepare a statement of changes in equity showing the allocation of profit to the partners, assuming they agree to use alternative (c) and the profit actually earned for the year ended December 31, 2020, is $444,000. During the year, Conway, Chan, and Scott withdraw $47,000, $37,000, and $27,000, respectively. (Enter all amounts as positive values.) CCS Consulting Statement of Changes in Equity For Year Ended December 31, 2020 Conway Chan Scott Total Capital, January 11 0 0 0 Add: Investments by partners 258,000 294,000 188,000 740,000 Add Profit 172,800 153,400 117,800 444,000 Total 430,800 447,400 305,800 1,184,000) Less: Partners' withdrawals 47,000 37,000 27,000 111,000 Capital, December 311 383,800 410,400 278,800 1,073,000
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