nicole and shak form a partnership by investing 150, 000 and 275000 respectively. The partnership agreement states that profit and losses should be allocated as follow: first $21000, to nicole, second 6% on initial investment capital, third 5000 to each partner, as "salary" and the remaining should be divided 3:5. At December 31, 2016, the end of the current fiscal year, the partnership reported net loss of 201000.

1. provide profit and loss allocation
2. prepare compound journal entry to close net profit