Assessment Division of Profits/Losses and Preparation of Journal Entries Directions: Prepare the following requirements. Show your solution in the space provided. Journalize the transactions in the General Journal provided below the problem. The condensed Statement of Comprehensive Income for first year of operation of Musuan Supermarket was presented below: Sales Cost of Sales Gross Profit Operating Expense Profit before tax Income Tax (P430,000 x 30%) Profit P 3,280,000 2,010,000 P 1,270,000 840,000 P 430,000 (129,000) F 301.000 FINANCIAL ACCOUNTING: MADE EASY 187 Partner's capital balances follow: Jester Japad, Capital 800,000 Jan. 1 20,000 Apr. 1 10,000 ? Dec. 31 Apr. 1 Violito Ayuban, Capital 700,000 Jan. 1 20,000 25,000 Nov. 1 ? Dec. 31 Oct. 1 Requirements: 1. Show how profit is distributed under the following ratios: a) Beginning Capital Ratio b) Ending Capital Ratio c) Average Capital Ratio d) Arbitrary Ratio of 3:2 e) Equally 2. Prepare journal entries to record the division of profit in each of the given case