Exercise 11-4 Profit allocation in a partnership LO3 Dallas and Weiss formed a partnership to manage rental properties, by investing $198.000 and $242,000, respectively. During its first year, the partnership recorded profit of $541,000 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. Total Share to Dallas $ 198,000 Share to Weiss s 242,000 $ Profit 440,000