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Question 1 Division of Profit or Loss Will and Grace have a partnership agreement which includes the following provisions regarding sharing profit or loss: 1. A salary allowance of $25,000 to Will and $10,000 to Grace. 2. An interest allowance of 10% on capital balances at the beginning of the year. 3. The remainder to be divided 40% to Will and 60% to Grace. The capital balances on January 1, 2019, for Will and Grace were $100,000 and $140,000, respectively. Total profit for the year ended December 31, 2019 was $150,000. During the year Will withdrew $15,000 from the business and Grace withdrew $20,000. Required a) Determine the profit to be allocated to Will and Grace for the year ended December 31, 2019. b) Complete the closing entries to allocate the income and close withdrawals c) Assume the profit for 2019 is only $13,000. Determine the profit to be allocated to Will and Grace for the year ended December 31, 2019