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 Share to Dallas Share to Weiss Total b. The partners agreed to share profits and losses in proportion to their initial investments. Share to Dallas Share to Weiss Total c. The partners agreed to share profit by allowing a $159,000 per year salary allowance to Dallas, an $89,000 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.) Share to Dallas Share to Weiss Total Total salaries and interest allocation Balance of profit Balance allocated equally Balance of profit Shares of each partner