At the end of its first year of operations, on December 31, 2021, PHAROAH Partners' accounts show the following: Partner Drawings Capital J. Chapman-Brown $20,600 $30,000 C. Duper 7,900 40,000 H. Weir 6,220 50,000 The capital balance represents each partner's initial capital investment. No closing entries for profit (loss) or drawings have been recorded as yet. Part 1 Journalize the entries to record the division of profit for the year ended December 31, 2021, under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. 2 Profit is $40,100. Duper and Weir are given salary allowances of $8,300 and $11,100, respectively. The remainder is shared equally. Profit is $41,000. Each partner is allowed interest of 6% on beginning capital balances. Chapman-Brown, Duper, and Part 1 Journalize the entries to record the division of profit for the year ended December 31, 2021, under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. 2 Profit is $40,100. Duper and Weir are given salary allowances of $8,300 and $11,100, respectively. The remainder is shared equally. Profit is $41,000. Each partner is allowed interest of 6% on beginning capital balances. Chapman-Brown, Duper, and Weir are given salary allowances of $14,800, $18,800, and $19,600, respectively. The remainder is shared in a ratio of 5:3:2 Datel Account Titles and Explanation Debit Credit (1) Dec. 31 (To close Income Summary.) (2) Dec. 31 (To close Income Summary) (To close Income Summary) eTextbook and Media Save for Later Using multiple attempts will impact your score. 40% score reduction after attempt 4 Attempts: 0 of 5 used Submit Answer Prepare a statement of partners' equity for the year under assumption (2) in part (a) above. (List items that increase partner's equity first.) J. Chapman-Brown PHAROAH PARTNERS Statement of Partners' Equity C. Duper H. Weir Prepare a statement of partners' equity for the year under assumption (2) in part (a) above. (List items that increase partner's equity first.) J. Chapman-Brown PHAROAH PARTNERS Statement of Partners' Equity C. Duper $ H. Weir Total