Holt, Inari, and Jax are partners in the HIJ Partnership. On December $31,$ Year $5,$ the

accounts are as follows:

The capital amount represents the beginning capital balance. The partnership earned

$$40,000$ in Year $5.$ The partnership agreement states that profits are shared, including

an allocation of $5\%$ of the capital account beginning balance and salary allowances of

$$15,000$ for Holt, $$20,000$ for Inari, and $$18,000$ for Jax. Any remaining profit or loss is

shared in the ratio $5$:$3$:$2.$

Required

a$.$ Calculate the division of profit for HIJ Partnership

b$.$ Journalize the entry to record the division of profit.

c$.$ Prepare a statement of partner's equity for Year $5.$