On May 1, 2020 the partners' capital balances in MAD Consulting are Mike $650,000
Albert $180,000 and David $170,000. For the year ending April 30, 2021, the partnership
reports profits of $465,000. The partnership agreement specifies: (1) salary allowances
of $155,000 to Mike; $145,000 to Albert and $150,000 to David, (2) interest allowances
of 8% on opening capital account balances and (3) the reaminder to be distributed in
a 5:3:2 ratio.
1	Prepare a schedule in good form that shows the distribution of profit in 2021.
2	Journalize the division of 2021 profit for the partnership