William and Kate have a partnership agreement which includes the following provisions regarding sharing a profit or loss: 1. Salary allowance of $25,000 to William and $10,000 to Kate. 2. An interest allowance of 10% on capital balances at the beginning of the year. 3. The remainder is to be divided 40% to William and 50% to Kate. The capital balances on January 1, 2022, for William and Kate were $100,000 and $140,000, respectively. Total profit for the year ended December 31, 2022 was $150,000. Required: Determine the profit to be allocated to William and Kate for the year ended December 31, 2022