Question 8 of 12 -/7 Que Acco View Policies Current Attempt in Progress Qu At the end of its first year of operations, on December 31, 2021, CULLUMBER Partners' accounts show the following: Qu Acce Partner J.Chapman-Brown C. Dupere H. Weir Drawings $29.800 8.380 5,840 Capital $30,000 40.000 50.000 Qu Acce Qu Acte The capital balance represents each partner's initial capital investment. No closing entries for profit (loss) or drawings have been recorded as yet Vie Ac Journalize the entries to record the division of profit for the year ended December 31, 2021, under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Qu ACC Qu Acc 1. 2. Profit is $40,500. Duper and Weir are given salary allowances of $8,600 and $11.200, respectively. The remainder is shared equally Profit is $40.000. Each partner is allowed interest of 8% on beginning capital balances. Chapman-Brown Dupere, and Weir are given salary allowances of $15,400, $19.400, and $19.600, respectively. The remainder is shared in a ratio of 5:3:2 QL AC Qu ACC Debit Credit Date Account Titles and Explanation Date Account Titles and Explanation Debit Credit (1) Dec 31 {To close Income Summary.) (2) Dec. 31 (To close Income Summary.) Prepare a statement of partners' equity for the year under assumption (2) in part (a) above. (List items that increase partner's equity first.) Question 8 of 12 17 Prepare a statement of partners' equity for the year under assumption (2) in part (a) above. (List items that increase partner's equity first.) CULLUMBER PARTNERS Statement of Partners' Equity J. Chapman-Brown C. Dupere H. Weir $ . $ Attempts: 0 of 1 used Suomi Annwer Save for Later