Ben Conwayy, Ida Chan, and Clair Scott formed CCS Consulting this year by making Capial contributions of $262000,$298,000 and $192,000, respectively. They anticipate annual profit of $451,200 and are considering the following alternateve plans of sharing profits and losses: o. Equally: b. In the ratio of their initial investments; or c. Salary allowances of $119,000 to Conway, $94,000 to Chan, and $69,000 to Scott and interest allowances of 1296 on initial investments, with any remaining balance shared equally. Required: 1. Use the schedule to show how a profit of $451,200 would be distributed under each of the alternative pians being considered (Enter all omounts os positive values.) 2. Prepare a statement of changes in equity showing the allocation of profit to the partners, assurning they agree to use ailemative (c) and the profit actually earned for the year ended December 31,2023 , is $451,200. During the year, Conway. Chan, and 5 cott withiraw $49.000,$39.000, and $29.000, respectively. (Enter all amounts as positive values.) 3. Prepare the December 31, 2023, journal entry to close income Summary assuming they agree to use alternative (c) and the profit is $451,200. Also, close the withdrawals accounts. 3. Prepare the December 31, 2023, journal entry to close Income Summary assuming they agree fo use aitemative (c) athd she ut ofit h $451,200. Also, close the withdrawats accounts. Journal entry worksheet: Record the entry to dose income summary