After closing the revenue and expense accounts, the profit for the year ended December 31, 2021 of the Mitt & Ryan partnership is $25,100. The partnership agreement specifies that profits and losses will be shared using the following formula. 1. Allocate profit by a 5% interest allowance on the partners' beginning capital balances. 2. Allocate salary allowances of $17,795 to Mitt and $12,595 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 balance of $30,500 and Ryan's capital account had a balance of $32,700. Mitt withdrew $1,070 cash per month while Ryan withdrew $1,270 per month from the partnership. During the year, Mitt made an additional investment of $5,200 cash into the partnership. Prepare a schedule to show how the profit or loss will be allocated to the two partners. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) MITT & RYAN Division of Profit Profit Interest allowance Mitt Ryan Total Profit remaining for allocation Salary allowance Mitt Ryan Total +A Profit (deficiency) remaining for allocation Fixed ratio Mitt Ryan Year Ended December 31, 2021 Mitt Ryan Total Profit remaining for allocation Profit allocated to the partners $ A 59 Total $ $