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and can the offer to more than at the of the time where b. lation to the time devoted to the C. Anary love of 55.000 per month and the one with d. A 15.000 per monthsary to the The test the business operate pot Your L. 8106.00 Year 2.130 1.8190.000 prett Required Prowheet with the following Trent: allowing 20% interest on the partners' beginning investments and sharing the remainder equally. Problem 11-2A Allocating partnership profits and losses: sequential years 103 CHECK FIGURES: d. Year : Phillip 5(86,000 Case $14,000); d. Year 2-Phillip: $39,000, Case: $111.000, d. Year 3: Phillip: $89.000, Cse: $161.000 Phillip and Case are in the process of forming a partnership to import Belgian chocolates, to which Phillip will contribute one-third time and Case full time. They have discussed the following alternative plans for sharing profit and losses. a. In the ratio of their initial investments which they have agreed will be $ 160,000 for Phillip and $240,000 for Case. b. In proportion to the time devoted to the business C. A salary allowance of $5,000 per month to Case and the balance in accordance with their initial investment rate d. A $5,000 per month salary allowance to Cuse. 15% interest on their initial investments, and the balance equally The partners expect the business to generate profit as follows Year 1.S100,000 loss Year 2. $150,000 profit and Year 3.5251.000 profit. Required Prepare four schedules with the following column headings Share to Share to Calculationship Total Case Complete a schedule for each of the four plans being considered by showing how the parts for each year would be allocated to the partners. Round your answers to the nearest wbole dollar. Problem 11-3A Partnership profit allocation, statement of changes in equity, and closing entries 102.93 CHECK FIGURES: 1c. Conway $146.400: Chant: $125,600; Scott: $68,000