Dallas and Weiss formed a partnership to manage rental properties, by investing S115,000 and $135,000, respectively. During its first year, the partnership recorded profit of a) $394,000 b) $150,000 c) $500,000 d) $10,000 loss Required: Prepare calculations showing how the profit should be allocated to the partners under each of the following plans for sharing profit and losses based on each of the above profits/loss: 1. The partners failed to agree on a method of sharing profit. 2. The partners agreed to share profits and losses in proportion to their initial investments. 3. The partners agreed to share profit by allowing a $140,000 per year salary allowance to Dallas, a $70,000 per year salary allowance to Weiss, 25% interest on their initial investments, and sharing the balance equally. 4. Dallas and Weiss allow Kang to join their partnership for $50,000 cash. The recorded value of the equity being purchased by Kang is $35,000. Prepare the joumatentry to record the admission of Kang to the partnership. Assume the partners have no agreement for sharing profits and losses