Partners Benny, Sarah and James and have been in partnership since 2010. The partnership profit for the year ended 30 June 2015 was $200 000 and the partners' capital balances were as follows: Partner $ Benny 50 000 Sarah 75 000 James 125 000 The partners share profits and losses as follows: . The first $100 000 is divided based on the partners' capital balances. . The next $40 000 is based on service, shared equally by Benny and Sarah. . The remainder is divided equally. Required: Calculate each partner's share of the profit for current year. (5 marks) (Answer here] Benny Sarah James Total Total profit Sharing of first $100 000 of profit based on capital balances Total Profit left for allocation Sharing of the next $40 000 based on serviced Total Profit left for allocation Remainder shared equally Total Profit left for allocation Total profit allocation to the partners for the current year b) Prepare journal entries to record the allocation of profit using the Variable and Fixed method. (5 marks) [Answer here] Variable Fixed Capital Balances Capital Balances Debit Credit Debit Credit [Show workings]