Division of Profits ( 3 items 8 points) - 1 point for each correct account title and 1 point for each correct amount Wayne, Kim, and Kiel established a partnership on Jan. 1, 20X1, with capital contributions of P400,000, P600,000, and P300,000, respectively. For the year ended Dec. 31,201, the partnership earned a profit of P550,000. Instruction: Journalize the profit allocation to individual capital accounts for each of the following cases: 1. Profit is allocated based on the initial capital contributions. 2. Each partner is provided an interest of 7% on initial capital contributions, and the remainder is divided among Wayne, Kim, and Kiel in the ratio of 5:3:2, respectively. 3. Salaries of P60,000,P50,000, and P40,000 are given to Wayne, Kim, and Kiel, respectively; 5% interest on initial capital contributions; bonus to Wayne of 6% profit after deducting bonus but before deducting salaries and interest; and the balance to be divided equally