Klay and Thompson formed a partnership by investing $110 000 and $90 000 respectively. The partnership had a final profit of $72 000 at the end of the first year, 31 December 2017. Required: Prepare the journal entries to record the allocation of profit under each of the following assumptions, using method 1. Narrations are not required. a) Assumption 1: Klay and Thompson agree to a 60:40 sharing of profits. b) Assumption 2: The partners agree to share profits in the ratio of their original capital contributions