Exercise $11-5$ Profit allocation in a partnership $LO3$

Dallas and Weiss formed a partnership to manage rental properties, by investing $$116,000$ and $$174,000,$ respectively, During its first year, the partnership recorded profit of $$412,000.$

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 falled to agree on a method of sharing profit.

$\backslash$table$[[,\backslash$table$[[$Share to$],[$Dallas$]],\backslash$table$[[$Share to$],[$Weiss$]],$Total$],[,,,]]$

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

$\backslash$table$[[,\backslash$table$[[$Share to$],[$Dalias$]],\backslash$table$[[$Share to$],[$Weiss$]],$Total$],[,,,]]$

c$.$ The partners agreed to share profit by allowing a $$144,000$ per year salary allowance to Dallas, an $$74,000$ per year salary allowance to Weiss, $25\%$ interest on their initial investments, and sharing the balance equally. $($Leave no cell blank. Enter $"0"$ when the answer is zero.$)$