Dallas and Weiss formed a partnership to manage rental properties, by investing S132,000 and $198,000, respectively

Dallas and Weiss formed a partnership to manage rental properties, by investing S132,000 and $198,000, respectively. During its first year, the partnership recorded profit of $451,000. Required: Prepare calculations showing how the profit should be allocated to the partners under each of the following plans for sharing profit and losses: a. The partners failed to agree on a method of sharing profit Share to Share to Dallas Weiss $ 225,500 $ 225,500 Total 451,000 Profit b. The partners agreed to share profits and losses in proportion to their initial investments Share to Dallas 180 400 Share to Weiss $ 270 500 Total $ 451.000 Loss c. The partners agreed to share profit by allowing a $148,000 per year salary allowance to Dallas, an $78.000 per year salary allowance to Weiss, 12% interest on their initial investments, and sharing the balance equally. (leave no cell blank. Enter to when the answer is zero.) Share to Dallas Share to Weiss Total 451.000 Profit Salary allowances Interest allowances Total salaries and interest allocation Balance of profit $ 148.000 15,840 $ 163,840 78,000 23,760 $ 109,760 (265.600) $ 185,400 Balance allocated equally: 92.700 92.700 (185400) Balance of profit $ $2.700 Shares of each partner $ 256,540 $ 194,460 $ 543,700 **ed text indicates no response was expected in a celor a four-based calculated