Cook and Parker formed a partnership with capital contributions of $50,000 and 560,000 respectively. Their partnership agreement called for Cook to receive a 59.000 annual salary allowance, and each partner to receive a 5% interest allowance on their beginning of year capital balance. The remaining income or loss is to be divided 50% to Cook und 50% to Parker REQUIRED: 1. If the profit for the year is 105,000, what are Cook and Parker's respective share of profit? Show your work 2. Prepare the required closing entry Prepare your response in excel, Word, or on paper and insert the file in the box below