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 Feb. 1 400,000 Jan.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