Question 21 After closing the revenue and expense accounts, the profit for the year ended December 31, 2021 of the Mitt & Ryan partnership is $26.000. The partnership agreement specifies that profits and lasses will be shared using the following formula 1. Allocate profit by a 5% interest allowance on the partners' beginning capital balance 2. Allocate salary allowances of $18,590 to Mitt and $13,290 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 $31,100 and Ryan's capital account had a balance of $33,300. Mitt withdrew $1.040 cash per month white Ryan withdrew $1,240 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 a negative sin preceding the number ag. 45 or parentheses e.g. (45).) MITT & RYAN Division of Profit Year Ended December 31, 2021 Ryan Total Mitt Profit Interest allowance Mitt Ryan Total