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First photo is the question and the second photo is the excel template for answers. thank you! PA 1. LO 15.3 The partnership of Tatum

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First photo is the question and the second photo is the excel template for answers. thank you! image text in transcribed
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PA 1. LO 15.3 The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partner's capital account. Tatum's capital account balance is $50,000 and Brook's is $60,000. \begin{tabular}{|l|l|l|l|l|} \hline 15.1A & \multicolumn{1}{|c}{ Tatum } & \multicolumn{1}{l|}{ Brook } & Total \\ \hline LO 15.3 & & & \\ \hline Salaries & & & \\ \hline Remaining income allocation & & & \\ Total division of income & & & \\ \hline \end{tabular} DR Account CR Account DR Amount CR Amount \begin{tabular}{|l|l|l|l|l|} \hline 15.1 B & Tatum & \multicolumn{1}{c}{ Brook } & Total \\ \hline LO 15.3 Salaries & & & \\ \hline Remaining income allocation Total division of income & & & \\ \cline { 2 - 5 } & & & & \\ \hline \end{tabular} DR Account CR Account DR Amount CR Amount

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