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Exercise 11-4 Profit allocation in a partnership Lo3 Dallas and Weiss formed a partnership to manage rental properties, by investing 5153.000 and 5187000, respectively. During
Exercise 11-4 Profit allocation in a partnership Lo3 Dallas and Weiss formed a partnership to manage rental properties, by investing 5153.000 and 5187000, respectively. During its Hot year, the partnership recorded profit of 5452,000 Required: Prepare calculations showing how the protit should be allocated to the partiets under each of the following plans for starting profit and losses o. The partners failed to agree on a method of sharing profil Share to Datas Share to 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 $149.000 per year satory allowance to Dallas, an $79,000 per year salary allowance to Weiss, 10% interest on their initial investments, and sharing the balance equally. (Leave no cell blank. Enter "o" when the answer is tero.) Share to Dallas Share to Weins Total 5 Os 0 0 Total sales and interest allocation Balance of profit 5 0 0 Balance atlocated equally Balance of prot Shares of each partner 5 $ 05
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