Exercise 11-5 Profit allocation in a partnership LO3 Dallas and Weiss formed a partnership to manage rental properties, by investing $189,000 and $231,000, respectively. During its first year, the partnership recorded profit of $524,000. Required: Prepare calculations showing how the profit should be allocated to the partners under each of the following plans for sharing profit and losses: o. The partners falled to agree on a method of sharing profit. b. The partners agreed to share profits and losses in proportion to their initial investments