Based on the above information, kindly answer the following:

1. In the profit distribution schedule, the salary allowance of Tom will be?

2. Of the P1,404,000 net profit of the partnership, the share of Rey will be?

3. In the profit distribution schedule, the total salary allowance will be?

Rey and Tom Partnership was organized and began operations on March 1, 2020. On that date, Rey invested P950,000 and Tom invested machinery and equipment with current fair value of P800,000. Because of shortage of cash, on November 1, 2020 Tom invested additional cash of P200,000 in the partnership. The partnership contract includes the following remuneration plan: Rey Tom P20,000 P25,000 Monthly Salary (recognized as expense) Annual interest on beginning capital Bonus on the net profit before salaries and interest but after bonus 12% 12% 4% Balance 45% 55% The salary was to be withdrawn by each partner in monthly installments. The partnership's net profit for 2020 is P1,404,000