After closing the revenue and expense accounts, the profit for the year ending December 31, 2017 of the Mitt & Ryan partnership is $25,900. The partnership agreement specifies that profts and losses will be shared using the following formula. 1. Allocate profit by S% interest alowance on the partners' begining capital balances. 2. Allocate salary allowances of $18,600 to Mit and $13,100 to Ryan 3. Remaining profit (loss) is to be shared on a ratio of 8:5 At the beginning of the year, Mitt's capital account had a baiance of $31,500 and Ryan's capital account had a balance of $33,9o0. Mitt withdrew $1,110 cash per month while Ryan withdrew $1,310 per month from the partnership. During the year, Mitt made an additional Investment of $5,600 cash into the partnership INTER VERST how the profit or loss will be allocated to the two partners. (Enter negative amounts using elther a negative sign preceding the number e.g MITT&RYAN Division of Profit Year Ended December 31, 2017 Mitt Ryan Total Profit Interest allowance Mitt Ryan Total Profit remaining for allocation Salary allowance Mitt Ryan Total Profit (deficlency) remaining for allocation Fixed ratio for allocation Fixed ratio