D. Residual profit and loss shall be distributed on the ratio 2:2 The ledgers of their capital balances are shown below: Matuguinas, Capital Rovelero, Capital Jan. 1 P 100,000 Jan. 1 P 150,000 June P 120,000 May 1 50,000 Oct. 1 30,000 Nov. 1 P10,000 Profit for distribution was 180,000 Required: 1) Prepare Profit distribution schedule 2) Journal entry to distribute profit to partners. Problem 17-7 Regie Gadiano and Maxima Purita Alisuag started their partnership business two years ago. Their partnership agreement provided among others, the following: 1. Gadiano, being a managing partner shall receive an annual salary of 20,000 2. Alisuag shall be entitles for an annual bonus of 10% of profit; 3. Interest of 10% on their respective ending capital balances of 85,000 and 150,000; 4. Any remainder not to exceed 30,000 shall be shared equally and in excess of 30,000 on the ratio 30% - 70%. Required: Schedule of Profit Distribution assuming that profit for the year ended December 31, 2020 was: A. 60,000