BE12.5 (LO 3) AP Rod and Dall are partners in R&D LLP. The partnership reports profit of $75,000. There is no partnership agreement. (a) Prepare the entry to distribute the profit between the partners. (b) Prepare the entry to distribute the profit assuming it is a $75,000 net loss.

Journalize the division of profit.

BE12.9 (LO 3) AP Togna Company had a $15,300 loss for the year ended October 31, 2021. The company is a partnership owned by Lilia and Terry Tognazzini. Salary allowances for the partners are Lilia $24,900 and Terry $15,000. Interest allowances are Lilia $5,300 and Terry $9,300. The remainder is shared 75% by Lilia and 25% by Terry. (a) Calculate the loss to be allocated to each partner. (b) Prepare a journal entry to close the Income Summary account.

Calculate and record division of loss.