Year Calculations Complete a schedule for each of the four plans being considered by showing hot or los for each year would be allocated to the partners. Round your answers to the role ola Problem 11 3B Partnership profit allocation, statement of changes in equity, and closing entries LO 2, 3 excel CHECK FIGURES: 10. Jobs: $81,667; Alford: $46,667; Norris: $111,666 Jobs, Alford, and Norris formed the JAN Partnership to provide landscape design services in Edmonton, by making capital contributions of $150,000, $100,000, and $250,000, respectively, on January 7, 2020. They 793 CHAPTER 11 Partnerships anticipate annual profit of $240,000 and are considering the following alternative plans of sharing pro and losses a. Equally b. In the ratio of their initial investments (do not round the ratio calculations), or c. Salary allowances of $70,000 to Jobs, S40,000 to Alford, and $90,000 to Norris; interest allowances of 10% on initial investments, with any remaining balance shared equally. Required 1. Prepare a schedule with the following column headings: Share to Jobs Share to Alford Share to Norris Profit/Loss Sharing Plan Total Calculations Use the schedule to show how a profit of $240,000 would be distributed under each of the alternative plans being considered. Round your answers to the nearest whole dollar. 2. Prepare a statement of changes in equity showing the allocation of profit to the partners, assuming they agree to use alternative (e) and the profit actually earned for the year ended December 31, 2020, is $240,000, During 2020, Jobs, Alford, and Norris withdrew $50,000, $40,000, and $60,000, respectively. 3. Prepare the December 31, 2020, journal entry to close Income Summary, assuming they agree to use alternative (c) and the profit is $240,000. Also, close the withdrawals accounts. LI