Exercise 11-5 Profit allocation in a partnership LO3Dallas and Weiss formed a partnership to manage rental properties, by investing $161,000 and $189,000, respectively. During its first year, the partnership recorded profit of $457,000.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. b. The partners agreed to share profits and losses in proportion to their initial investments. c. The partners agreed to share profit by allowing a $150,000 per year salary allowance to Dallas, an $80,000 per year salary allowance to Weiss, 25% interest on their initial investments, and sharing the balance equally. (Leave no cell blank. Enter "0" when the answer is zero.)