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Luqman and Pidris share profits and losses equally. Luqman and Pidris receive salary allowances of $ 2 0 , 0 0 0 and $ 3

Luqman and Pidris share profits and losses equally. Luqman and Pidris receive salary allowances of $20,000 and $30,000, respectively, and both partners receive 10% interest on their average capital balances. Pidris is entitled to a bonus of 10% after deduction of bonus. Partners drawings are not used in determining the average capital balances. Total net income for 2024 is $275,000.
Luqman Pidris
January 1 capital balances $100,000120,000
Yearly drawings ($1,500 a month).18,00018,000
Permanent withdrawals of capital:
June 1(12,000)
May 1(15,000)
Additional investments of capital:
July 150,000
October 160,000
a. What is the weighted-average capital for Luqman and Pidris in 2024?(12 Points)
b. What will be the final profit allocations for Luqman and Pidris in 2024?(12 points).

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