Learning Activity: Division of Profits/Losses and Preparation of Journal Entries Directions: Prepare the following requirements. Show your solution in the space provided. Journalize the transactions in the General Journal provided below the problem. Challoner Matero, Rusty Bernacer and Jessica Selisana are partners of Cebu Grocers. They agreed to divide profits and losses based on the ratio of 3:2:5. Their capital contribution prior to the start of its operation were as follows: Partners Matero Bernacer Selisana Amount Contributed P60,000 80,000 20,000 At the end of the year, their partnership made profit of P120,000. Required: 1) Compute the share of each partner based on the agreed ratio. 2) Prepare journal entry to record profit distribution based on agreed ratio