| YOUR FINAL TASK Margarita and Angela are partners in a modeling business. The activity in each partner's capital account for 2021 follows: Margarita, Capital Angela, Capital 200,000 80,000 Jan.1 400,000 Jan.1 Feb. 1 May 30 40,000 90,000 Oct 30 Mar.30 July 1 50,000 Sept.30 50,000 50,000 Dec. 1 20,000 180,000 Dec. 1 10,000 Dec.30 500,000 Dec. 31 250,000 Dec. 31 The profit for 2021 is 1,000,000. Required: Determine the partners' share in the profit under each of the following independent cases, and prepare the necessary journal entries: Case 1: Bonus to Magarita 15% of profit and the balance to be divided equally. Case 2: Salary allowances of 450,000 and 350,000 to Magarita and Angela, respectively; interest on average capital balances computed at 10% Bonus to margarita of 20% of profit after bonus but before interest and salaries. The remainder is to be divided based on their ending balances. Case 3: Assume that the business operates at a loss of 200,000. Their agreements are the following: a. Salary allowances of 450,000 and 350,000 to Magarita and Angela, respectively; b. interest on average capital balances computed at 10%. c. Bonus to margarita of 20% of profit after bonus but before interest and salaries. d. The remainder is to be divided based on their ending balances COMPREHENSIVE PROBLEM Angel and Lito are partners in bakery business. The activity in each partner's capital account for 2021 follows: Angel, Capital Lito, Capital 300,000 80,000 Jan.1 Feb. 1 300,000 Jan.1 Mar. 30 50,000 May 30 40,000 Aug 1 50,000 70,000 Oct 30 Sept.30 50,000 Dec. 1 20,000 100,000 Oct.30 200,000 Dec. 1 10,000 Dec.30 600,000 Dec. 31 250,000 Dec.31 The profit for 2021 is 2,000,000