Dallas and Weiss formed a partnership to manage rental properties, by investing $124,000 and $186,000, respectively. During its first year, the partnership recorded profit of $414,000. Required: Prepare calculations showing how the profit should be allocated to the partners under each of the following plans for sharing profit and losses:

a. The partners failed to agree on a method of sharing profit.

b. The partners agreed to share profits and losses in proportion to their initial investments.

c. The partners agreed to share profit by allowing a $146,000 per year salary allowance to Dallas, an $76,000 per year salary allowance to Weiss, 20% interest on their initial investments, and sharing the balance equally. (Leave no cell blank. Enter "0" when the answer is zero.)

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