Exercise 11-8 Profit allocation, statement of changes In equity, balance sheet LO3 Keith Williams and Brian Adams were students when they formed a partnership several years ago for a part-time business called Music Works. Adjusted trial balance information for the year ended December 31, 2020, appears below. Account Balance Account Accounts payable $ 10,200 Keith Williams, capital" Balance $ 35,300 Accumulated depreciation 82,000 Keith Williams, withdrawals 57,000 Brian Adams, capital 29,000 Brian Adams, withdrawals 67,000 Note payable, due May 2022*** office supplies 134,000 23,000 Cash 216,400 Equipment 314,000 Revenues Utilities payable 494,000 1,900 Expenses 109,000 Assume all account balances are normal. "The partners made no investments during the year. $47,000 of the note payable is due in May 2021. Required: 1. Prepare calculations that show how the profit should be allocated to the partners assuming the partnership agreement states that profit/losses) are to be shared by allowing a $97,000 per year salary allowance to Williams, a $157,000 per year salary allowance to Adams, and the remainder on a 32 ratio. (Leave no cell blank. Enter "0" when the answer is zero.) C