Question 21 After closing the revenue and expense accounts, the profit for the year ended December 31, 2021 of the Mit & Ryan partnership is $26,100. The partnership agreement species that profits and losses will be shared using the following formula 1. Allocate profit by a 5% interest allowance on the partners' beginning capital balances 2. Allocate salary allowances of $18,702 to Mitt and $13,402 to Ryan 3. Remaining profit (loss) is to be shared on a ratio of 8:5 At the beginning of the year, Mitt's capital account had a balance of $31,400 and Ryan's capital account had a balance of $33,900. Mitt withdrew $1,100 cash per month while Ryan withdrew $1,300 per month from the partnership. During the year, Mitt made an additional investment of $5,200 cash into the partnership (a) Prepare a schedule to show how the profit or loss will be allocated to the two partners. (Enter negative amounts using either negative si preceding the number eg.-15 or parentheses ... (45).) MITT ARYAN Division of Profit Year Ended December 31, 2021 Ryan Total Mitt Profit Interest allowance Mitt Ryan