Correct whats wrong for $5$ stars please double check. Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting this year by making capital contributions of $$262,000,$$$298,000,$ and

$$192,000,$ respectively. They anticipate annual profit of $$451,200$ 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 $$119,000$ to Conway, $$94,000$ to Chan, and $$69,000$ to Scott and interest alowances of $12\%$ on initial

investments, with any remaining balance shared equally.

Required:

Use the schedule to show how a profit of $$451,200$ would be distributed under each of the alternative plans being considered.

$($Enter all amounts as positive values.$)$

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 carned for the year ended December $31,2023,$ is $$451,200.$ During the year, Conway, Chan, and Scott withdraw

$$49,000,$$$39,000,$ and $$29,000,$ respectively. $($Enter all amounts as positive values.$)$

Prepare the December $31,2023,$ joumal entry to close income Summary assuming they agree to use alternative $($C$)$ and the profit is

$$451,200.$ Also, close the withdrawals accounts.