Genevieve and Ben decide to form a partnership. Genevieve has $48,000 in her Capital account and nothing in her Drawings account. Ben has $15,000 of cash to invest in the partnership. Because they are going to deliver the pet treats to the pet stores, Ben is also investing his van into the partnership. The fair value of the van is $31,000 and the partnership is going to take over the $14,000 bank loan that Ben still has on the van. Genevieve and Ben agree that Ben will receive 45% ownership of the company. The partnership will start January 1, 2024 and will have a December 31 year-end. Genevieve has asked you to record the journal entry to form the partnership.

The partnership reports a $30,000 profit at year-end December 31, 2024. Genevieve and Ben agree to share profit and losses by allocating yearly salary allowance of $30,000 for Genevieve and $20,000 for Ben, an interest allowance of 10% based on initial capital balances, and to split the remainder 50/50. They came up with this agreement but are now unsure how to complete the calculations. They ask you to make a report showing the details of the division of the profit and to record the December 31, 2024 journal entry to record the division of the profit.