Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting this year by making capital contributions of $284,000,$320,000, and $214,000, respectively. They anticipate annual profit of $490,800 and are considering the following alternative plans of sharing profits and losses: a. Equally: b. In the ratio of their initial investments; or c. Salary allowances of $130,000 to Conway, $105,000 to Chan, and $80,000 to Scott and interest allowances of 15% on initial investments, with any remaining balance shared equally. Required: 1 Use the schedule to show how a profit of $490,800 would be distributed under each of the altemative plans being considered. (Enter all amounts os positive volues.) $60,000,550,000, ond $40,000, respectuvely (Enter ail omounts as pos tive values.) 2. Prepare a statement of changes in equity showing the allocation of profit to the partners, assuming they agree to use alternative (c) and the profit actually earned for the year ended December 31,2023 , is $490,800. During the year, Conway, Chan, and Scott withdraw $60.000,$50,000, and $40,000, respectively. (Enter all amounts as positive volues.) 3. Prepare the December 31,2023 , journat entry to close income Summary assuming they agree to use altemative (c) and the profit is $490.800 Aiso, close the withdrawals accounts. Journal entry worksheet Recoud the cotry we close income summary. 3. Prepare the December 31,2023 , journal entry to close Income Summary assuming they agree to use alternative (c) and the profit is $490,800 Also, close the withdrawals accounts. Journal entry worksheet 3. Prepare the December 31,2023 , journal entry to close Income Summary assuming they agree to use alternative (c) and the profit is $490,800. Also, close the withdrawals accounts. Journal entry worksheet