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Please show work, Thank you! Use the following information for questions 1, and 2. Lugman and Idris share profits and losses equally. Luqman and Idris

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Please show work, Thank you!

Use the following information for questions 1, and 2. Lugman and Idris share profits and losses equally. Luqman and Idris receive salary allowances of $30,000 and $40,000, respectively, and both partners receive 10% interest on their average capital balances. Lugman is entitled to a bonus of 5% after deduction of the bonus. Partners' drawings are not used in determining the average capital balances. Total net income for 2020 is $210,000. Lugman $100,000 18,000 Idris $120,000 18,000 January 1 capital balances Yearly drawings ($1,500 a month) Permanent withdrawals of capital: July 1 June 1 Additional investments of capital: August 1 November 1 _(12,000) (15,000) 40,000 50,000 1. What is the weighted average capital for Luqman and Idris in 2020? 2. What will be the final profit allocations for Luqman and Idris in 2020

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