ABC Partnership has a profit of $150,000 for the year ended December 31, 2011. The partnership agreement states that profit and losses are to be distributed using salary allowances, interest allowances, and a ratio for the remainder. Information about the agreement and the balance of the Drawings accounts is contained in the table below. Salary allowance Interest of 10% based upon their average capital balances which are: Remainder shared in this ratio Dec 31 balance of the Drawings accounts Adams $35,000 $85,000 2 $25,000 Baker $45,000 $65,000 2 $20,000 Cooper $20,000 $50,000 1 $15,000 (a) Prepare a detailed schedule to show how the profit would be allocated among the three partners. 5 marks (b) Assume that the revenue and expense accounts have been closed. Prepare the remaining closing entries. 3 marks