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Problem 11-3. Partnership profit allocation, statement of changes in equity, and closing entries (C) LO2, (G) 3 \&Kcef CHECK FIGURES: ic Conway: $146,400; Chan: $125,600: Scott $88,000 Ben Comwa, Ida Chan, and Clair Scout formed CCS Consulting by making capital contribations of $2,45,000,$280,000, and $175,000, tespectively. They anticipate annual profit of $360,000 and are considering the following alsernative plans of sharing profits and losses: a. Equally: b. In the ratio of their initial imestments of c. Salary alSowances of $110,000 to Conwiy, $85,000 to Chan, and 560,000 to Scott and aterent allowances of 12% on intitial imenimenth, with any remaining balance ihared equally. Required 1. Prepare a schedule with the following colamn headings Use the achedule to show how a protit of 5300,000 would be distributed under each of the alternative plans being considered 2. Prepare a statement of changci in equity showing the allocation of profit to the partnen, assamine they agree to iise alternative (e) and the protit actaally earned for the year ended December 31, 2023, is 5160,000 . During the year, Conway, Chant, and Scott withdraw $40,000,$30,000, and $20,000, respectively. 3. Prepare the December 31,2023 , journal entry to close lnoome Summary asuuming they agree to use alternatine (c) and the proti is \$360.000. Aso, clase the wishdrawals accounts

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