Exercise 11-4 Profit allocation in a partnership LO3 Dallas and Weiss formed a partnership to manage rental properties, by investing $207,000 and $243,000, respectively. During its first year, the partnership recorded profit of $551,000. 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. Share to Dallas Share to Total Weiss b. The partners agreed to share profits and losses in proportion to their initial investments. D