At the end of its first year of operations, on December 31, 2021, CARLA VISTA Partners accounts show the following Partner Drawings Capital J Chapman Brown $10,200 $30,000 C Duper 8,930 40,000 H Weir 6,500 50,000 The capital balance represents each partners initial capital investment No closing entries for profit (loss) or drawings have been recorded as yet 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 Profit is $39,300 Duper and Weir are given salary allowances of $7,700 and $11,200, respectively The remainder is shared equally 2 Profit is $41,000 Each partner is allowed interest of 7 on beginning capital balances Chapman Brown, Duper, and Weir are given salary allowances of $15,400, $19,000, and $20,000, respectively The remainder is shared in a ratio of 5 3 2 Date Account Titles and Explanation Debit Credit (1) Dec 31 H Weir, CapitalIncome SummaryC Duper, CapitalCashJ Chapman Brown, CapitalJ Chapman Brown, Drawings J Chapman Brown, CapitalIncome SummaryCashH Weir, CapitalC Duper, CapitalJ Chapman Brown, Drawings J Chapman Brown, DrawingsCashC Duper, CapitalIncome SummaryJ Chapman Brown, CapitalH Weir, Capital CashC Duper, CapitalJ Chapman Brown, DrawingsJ Chapman Brown, CapitalH Weir, CapitalIncome Summary (To close Income Summary ) (2) Dec 31 J Chapman Brown, CapitalCashH Weir, DrawingsIncome SummaryH Weir, CapitalC Duper, Capital H Weir, CapitalH Weir, DrawingsCashJ Chapman Brown, CapitalIncome SummaryC Duper, Capital C Duper, CapitalH Weir, DrawingsJ Chapman Brown, CapitalIncome SummaryH Weir, CapitalCash C Duper, CapitalIncome SummaryH Weir, DrawingsJ Chapman Brown, CapitalH Weir, CapitalCash (To close Income Summary ) eTextbook and Media Prepare a statement of partners equity for the year under assumption (2) in part (a) above (List items that increase partner's equity first ) CARLA VISTA PARTNERS Statement of Partners Equity Month Ended December 31, 2021December 31, 2021Year Ended December 31, 2021 J Chapman Brown C Duper H Weir Total InvestmentsCapital, December 31Total ExpensesRevenuesDrawingsCapital, January 1Gross Profit (Loss)ExpensesProfit (Loss)Total Revenues $ $ $ $ AddLess Total ExpensesCapital, January 1RevenuesProfit (Loss)DrawingsTotal RevenuesExpensesCapital, December 31Gross Profit (Loss)Investments AddLess Capital, January 1Profit (Loss)DrawingsRevenuesCapital, December 31ExpensesGross Profit (Loss)InvestmentsTotal ExpensesTotal Revenues DrawingsCapital, December 31Total ExpensesGross Profit (Loss)Profit (Loss)ExpensesCapital, January 1Total RevenuesInvestmentsRevenues $

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At the end of its first year of operations, on December 31, 2021, CARLA VISTA Partners accounts show the following: Partner Drawings Capital J. Chapman-Brown

At the end of its first year of operations, on December 31, 2021, CARLA VISTA Partners accounts show the following:

Partner	Drawings		Capital
J. Chapman-Brown		$10,200	$30,000
C. Duper		8,930	40,000
H. Weir		6,500	50,000

The capital balance represents each partners initial capital investment. No closing entries for profit (loss) or drawings have been recorded as yet.

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.		Profit is $39,300. Duper and Weir are given salary allowances of $7,700 and $11,200, respectively. The remainder is shared equally.
2.		Profit is $41,000. Each partner is allowed interest of 7% on beginning capital balances. Chapman-Brown, Duper, and Weir are given salary allowances of $15,400, $19,000, and $20,000, respectively. The remainder is shared in a ratio of 5:3:2.

Date	Account Titles and Explanation	Debit	Credit
(1) Dec. 31	H. Weir, CapitalIncome SummaryC. Duper, CapitalCashJ. Chapman-Brown, CapitalJ. Chapman-Brown, Drawings
	J. Chapman-Brown, CapitalIncome SummaryCashH. Weir, CapitalC. Duper, CapitalJ. Chapman-Brown, Drawings
	J. Chapman-Brown, DrawingsCashC. Duper, CapitalIncome SummaryJ. Chapman-Brown, CapitalH. Weir, Capital
	CashC. Duper, CapitalJ. Chapman-Brown, DrawingsJ. Chapman-Brown, CapitalH. Weir, CapitalIncome Summary
	(To close Income Summary.)
(2) Dec. 31	J. Chapman-Brown, CapitalCashH. Weir, DrawingsIncome SummaryH. Weir, CapitalC. Duper, Capital
	H. Weir, CapitalH. Weir, DrawingsCashJ. Chapman-Brown, CapitalIncome SummaryC. Duper, Capital
	C. Duper, CapitalH. Weir, DrawingsJ. Chapman-Brown, CapitalIncome SummaryH. Weir, CapitalCash
	C. Duper, CapitalIncome SummaryH. Weir, DrawingsJ. Chapman-Brown, CapitalH. Weir, CapitalCash
	(To close Income Summary.)

eTextbook and Media

Prepare a statement of partners equity for the year under assumption (2) in part (a) above. (List items that increase partner's equity first.)

CARLA VISTA PARTNERS Statement of Partners Equity Month Ended December 31, 2021December 31, 2021Year Ended December 31, 2021
	J. Chapman-Brown	C. Duper	H. Weir	Total
InvestmentsCapital, December 31Total ExpensesRevenuesDrawingsCapital, January 1Gross Profit / (Loss)ExpensesProfit / (Loss)Total Revenues	$	$	$	$
AddLess: Total ExpensesCapital, January 1RevenuesProfit / (Loss)DrawingsTotal RevenuesExpensesCapital, December 31Gross Profit / (Loss)Investments

AddLess: Capital, January 1Profit / (Loss)DrawingsRevenuesCapital, December 31ExpensesGross Profit / (Loss)InvestmentsTotal ExpensesTotal Revenues
DrawingsCapital, December 31Total ExpensesGross Profit / (Loss)Profit / (Loss)ExpensesCapital, January 1Total RevenuesInvestmentsRevenues	$