Part B (6 marks) Karen and Sarah formed a partnership by investing $240 000 and $210 000 respectively. The partnership had a net profit of $160 000 in the first year Required: 1) Calculate the allocation of profit under each of the following assumptions Assumption 1: Karen and Sarah agree to a 3:2 sharing of profits. Assumption 2: Karen and Sarah agree to share profit in the ratio of their original capital investments .Assumption 3: Karen and Sarah agree a $30 000 per year salary allowance to Karen and $25 000 per year salary allowance to Sarah. Any remaining profit is to be shared equally 2) Prepare the journal entries to record the allocation of profit under Assumption 1, using method 1