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

Partner		Drawings				Capital
J. Chapman-Brown			$23,400			$30,000
C. Duper			7,150			40,000
H. Weir			5,290			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 $39,400. Duper and Weir are given salary allowances of $8,300 and $11,300, respectively. The remainder is shared equally.
2.		Profit is $40,000. Each partner is allowed interest of 8% on beginning capital balances. Chapman-Brown, Duper, and Weir are given salary allowances of $14,700, $19,300, and $18,900, respectively. The remainder is shared in a ratio of 5:3:2.

Date	Account Titles and Explanation	Debit	Credit
(1) Dec. 31	J. Chapman-Brown, DrawingsCashH. Weir, CapitalC. Duper, CapitalIncome SummaryJ. Chapman-Brown, Capital
	J. Chapman-Brown, DrawingsCashIncome SummaryC. Duper, CapitalH. Weir, CapitalJ. Chapman-Brown, Capital
	C. Duper, CapitalH. Weir, CapitalCashJ. Chapman-Brown, DrawingsJ. Chapman-Brown, CapitalIncome Summary
	H. Weir, CapitalJ. Chapman-Brown, CapitalJ. Chapman-Brown, DrawingsC. Duper, CapitalCashIncome Summary
	(To close Income Summary.)
(2) Dec. 31	H. Weir, DrawingsCashIncome SummaryC. Duper, CapitalJ. Chapman-Brown, CapitalH. Weir, Capital
	C. Duper, CapitalH. Weir, CapitalJ. Chapman-Brown, CapitalIncome SummaryH. Weir, DrawingsCash
	J. Chapman-Brown, CapitalIncome SummaryC. Duper, CapitalH. Weir, DrawingsCashH. Weir, Capital
	H. Weir, CapitalIncome SummaryH. Weir, DrawingsCashJ. Chapman-Brown, CapitalC. Duper, Capital
	(To close Income Summary.)

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

ORIOLE PARTNERS Statement of Partners Equity December 31, 2021Year Ended December 31, 2021Month Ended December 31, 2021
		J. Chapman-Brown		C. Duper		H. Weir		Total
Total RevenuesCapital, January 1DrawingsInvestmentsProfit / (Loss)Gross Profit / (Loss)Total ExpensesCapital, December 31ExpensesRevenues		$		$		$		$
AddLess: Capital, December 31Total ExpensesExpensesTotal RevenuesCapital, January 1Gross Profit / (Loss)InvestmentsDrawingsRevenuesProfit / (Loss)
AddLess: Gross Profit / (Loss)Capital, January 1Capital, December 31Total ExpensesExpensesDrawingsRevenuesTotal RevenuesInvestmentsProfit / (Loss)
DrawingsCapital, December 31Gross Profit / (Loss)RevenuesInvestmentsCapital, January 1ExpensesProfit / (Loss)Total RevenuesTotal Expenses