PROBLEM 2 Chris and Paul are partners with the following capital transactions during 201 1: Chris Paul Debit Credit Debit Credit Balance, January 1, P P 135,000 140,000 February 28 P 40,000 March 31 60.000 April 30 80,000 June 30 P 50,000 August 31 70.000 September 30 20.000 October 31 20,000 The Income Summary account has a credit balance of P510,000. REQUIREMENTS: Prepare a statement of profit distribution for each of the following independent profit-sharing agreements: 1. In the average capital ratio. 2. Interest on average capital at 9 percent, salaries of P60,000 and P100,000 to Chris and Paul, respectively, a bonus to Chris of 25 percent of net income after interest and salaries but before the bonus, and the balance equally. 3. Interest at 10 percent on the amount by which the ending capital balance exceeds the beginning balance and the balance equally. 4. Salaries of P80,000 and P 120.000 to Chris and Paul, respectively, a bonus to Chris of 25 % of net income after salaries and the bonus, and the balance equally