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Question 3 Sample Excel file Cook and Parker formed a partnership with capital contributions of $45.000 and $55,000 respectively. Their partnership agreement called for Cook to recelve a $7,500 annual salary allowance, and each partner to receive a share of profit equal to a 8% return on capital investments. The remaining income or loss is to be divided 55% to Cook and 45% to Parker. If the profit for the year is $125,000, what are Cook and Parson's respective shares? Prepare the required closing entry