How to solve the required in No. 1? Please explain the answer also.

o .3; I] ..i E 00%| 5:20 pm Assignmenwpartnership operations I _ I 280808 I 7% 6 .f/Oloa'i Assignment 2 Partnership operations Instruction: Prepare the answers in written form using a clean paper {e.g. Yeow pad, band paper, notebook etc.) and submit a snapshot in CANVAS. Problem 1. Wand Chou organized their partnership on 01/01/19. The following entries were made into their capital accounts during 2019. W capital Chou, capital BB I 0 BB I 25,000 1/1 I 35,000 3/1 I 10,000 5/1 I 10,000 9/1 10,000 I 10/1 I 5,000 11/1 5,000 I EB I 50,000 12/1 I 8,000 I E B I 28,000 Required: If partnership profits for the year equaled P66,000, indicate the allocations between the partners under the following independent profitsharing allocation conditions 1. Interest of 10% is allocated on weighted average capital balance and the remainder is divided equally. 2. A salary of P9,000 will be allocated to Chou; 10% interest on ending capital is allocated to the partners; remainder is divided 60/40 to Wand Chou, respectively. 3. Salaries are allocated to Wand Chou in the amount of P10,000 and P15,000, respectively and the remainder is allocated in the proportion to weighted average capital balances. 4. A bonus of 10% of partnership profits after bonus is credited to W a salary of P35,000 is allocated to Chou, a P20,000 salary is allocated to 51W 10% interest on weighted capital is allocated, and remainder is split equally. Problem 2. The partnership agreement MW Layla and Claude Wfor the yearend allocation of net income in the following order: 0 First, Wan/is to receive 10% of net income up to P200,000 and 20% over 200,000 0 Second, Layla and Claude are each too receive 5% of the remaining income over P300,000. I The balance of income is to be allocated equally among the three partners. The partnership income was P500,0(}0 before any allocations to partners. What amount should be allocated to each partner? Assignment 2 Partnership operations Problem 3. The ALB; partnership agreement species that partnership net income be allocated as follows