Ching and Ming are partners in a restaurant business. They agree to share profit or losses as follows: Annual salary allowances of $15,000 for Ching and $10,000 for Ming. Interest allowances of 8% of beginning-of-year capital balance. Remainder to be shared equally. Assume partnership profit for the year is $40,000 and Ching and Ming's beginning-of-year capital balances are $40,000 and $50,000 respectively. Show profit allocation and record the journal entry for allocation of profit