After closing the revenue and expense accounts, the profit for the year ended December 31, 2021 of the Mo & Molly partnership is $120,000. The partnership agreement specifies that profits and losses will be shared using the following formula 1. Allocate salary allowances of $27,000 to Mo and $36,000 to Molly 2. Remaining profit (loss) is to be shared on a ratio of 2:1. At the beginning of the year, Mo's capital account had a balance of $32,000 and Molly's capital account bad a balance of $24,000. Mo withdrew $1,200 cash per month while Molly withdrew $2,400 per month from the partnership. W MO & MOLLY Division of Profit Year Ended December 31, 2021 Mo Molly Profit Total Salary allowance Mo Molly Total Profit remaining for allocation Fixed ratio Mo Molly Total Profit remaining for allocation Profit allocated to the partners LINK 1 TUXY LINK TO TEXT MO & MOLLY Statement of Partners' Equity Year Ended December 31, 2021 Molly Mo Total LINK TO TEXT LINK TO TEXT