Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting this year by making capital contributions of $276,000, $312,000, and $206,000, respectively. They anticipate annual profit of $476,400 and are considering the following alternative plans of sharing profits and losses: o. Equally. b. In the ratio of their initial investments; or c. Salary allowances of $126,000 to Conway. $101,000 to Chan, and $76,000 to Scott and interest allowances of 12% on initial Investments, with any remaining balance shared equally. Required: 1. Use the schedule to show how a profit of $476,400 would be distributed under each of the alternative plans being considered. (Enter all amounts as positive values.) Profit (Loss) Sharing Plan Calculations (a) Profit (b) Profit (c) Profit Share to Conway Share to Chan Share to Scott Total $ 0 $ 0 $ 476.400 Salary allowances Interest allowances Total salaries and interest allocation $ 05 0 $ 0 $ 0 Balance of Profit $ 476,400 0 Balance allocated equally Balance of Profit $ 476 400 S 0 $ 0 $ 0 $ Shares of partners < Prev 9 of 10 Next >