Martin and Brett share profits on a 60:40 basis respectively. On 1 July 2019 the equity accounts were as follows. Martin Brett Capital Retained earnings $540 000 160 000 $ 460 000 130 000 . The partners were entitled to 12% interest on capital. Brett ran the business and received a salary of $80 000. During the year Martin withdrew $48 000 in cash and Brett withdrew $12 000. 4 The profits for the year ended 30 June 2020 were $500 000 before providing for interest on capital balances and Brett's salary. . Required: (a) Prepare the Profit Distribution accounts and partners' Retained Earnings accounts for the year ended 30 June 2020. QUESTION 3 Part A Profit Distribution 30/62 e 30/6 ] 30/6 >30/6 ] ] (cu Balance 41/7 Balance Martin, Retained Earnings 1/72 Brett, Retained Earnings 7