Question 2 (32 marks) Penny, Quinn and Randy formed a partnership business called 3D Graphics Company. Their investments to the partnership were $80,000, $50,000, and $30,000 respectively. In addition, they agreed to share profits as follows: 1. The first $40,000 to be allocated on the basis of their original capital investments to the partnership. 2. The next $50,000 to be allocated on the basis of their service performed, with Penny drawing $30,000 and Randy drawing $20,000. 3. The remaining is to be allocated on the ratio of 5:3:2 respectively. Required: Assuming that the business earned a profit of $65,000 during the year a) show the share of profit to each partner. (12 marks) b) Journalize the distribution of profit to the partner's capital account. (4 marks) II) Assuming that the business earned a LOSS of $65,000 during the year a) show the share of losses to each partner. (12 marks) b) Journalize the distribution of profit to the partner's capital account. (4 marks)