35 pes possible Parker Lilly and Wood have capital balances of 522 000, 533 000 and 555 000 respectively. The parts han profits and losses as fotos (Click the icon to www the information about profits and losses) Requirement 1. Calculate each partner's share of the 5121 000 profit for the your 2. Journalise the closing entry to allocate the net profit for the year Requirement 1. Calculator each partner's share of the 5121 000 proht for the year Cowboxet vor accounts with a ser banca, make sure time the prope) Parker, Lilly, and Wood Allocation of profits and losses Parker LAY Wood Total Totalpot Shang of first portion based on capital Parker Lilly Wood Total Probintaining to location Sating na portion based on Service Perumaning for allocation Reinder shared equally BRE propne Profits and losses a b The first $50 000 is divided based on the partners' capital balances. The next $50 000 is based on service, shared equally by Parker and Wood, Lilly doesn't receive anything The remainder is divided equally Print Done