Hi i got this question wrong on my midterm can you please show me step by step how to get the correct answer.

Question 2 (21 marks, 26 minutes) Final version Two plumbers, Murphy and Brady, formed a partnership, M \& B Electrical. To recognize the fact that the partners have invested significantly different amounts of capital and that Murphy works full time, while Brady works only part time, the partnership agreement states that the profit will be allocated as follows: 1) an interest allowance of 12% of each partner's beginning capital balance each year. 2) a salary allowance of $80,000 for Murphy and $40,000 for Brady. 3) a profit or loss ratio, after these allowances, of 60% to Murphy and 40% to Brady. At November 1, 2022 Murphy's capital account balance was $90,000 and Brady's was $45,000. During the financial year, Murphy and Brady each withdrew cash equal to their agreed salary allowances. No other withdrawals were made during the year. The partnership has no external borrowings. To save money this year, Murphy prepared the following income statement. He is not sure if it is correct and has asked you to review it. Required: (a) Calculate the correct amount of Profit or Loss (Net income) that should be reported by the partnership for the financial year to October 31, 2023? Show all calculations. (4 marks) (b) Calculate each partner's total share of the correct profit (show your calculations clearly) (c) Prepare a Statement of Partner's Equity for the year ended October 31, 2023. i. Capital account (4 mark ii. Drawings