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The condensed, adjusted trial balance of the Mario and Luigi Partnership as at December 31, 2021, appears below: MARIO AND LUIGI PARTNERSHIP Adjusted Trial Balance December 31, 2021 Debit Credit Current assets $26,000 Equipment 81,500 Accounts payable $8,000 Long-term debt 45,000 Mario, capital 27,000 Mario, drawings 271,000 Luigi, capital 19,000 Luigi, drawings 246,000 Service revenue 594,500 Operating expenses 69,000 $693,500 $693,500 Question 8 of 11 < > Luigi, capital 19,000 Luigi, drawings 246,000 Service revenue 594,500 Operating expenss 69,000 $693,500 $693,500 The partnership agreement stipulates that a division of partnership profit or loss is to be made as follows: 1. A salary allowance of $311,500 to Mario and $251,500 to Luigi. 2. The remainder is to be divided equally. (a) Prepare a schedule that shows the division of profit to each partner. (Enter negative amounts using either a negative s preceding the number e.g. -45 or parentheses e.g. (45).) Question 8 of 11 < (d) -/20 Prepare a schedule that shows the division of profit to each partner. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Profit Salary allowance Mario Luigi Total Profit (deficiency) remaining for allocation Fixed ratio Mario Luigi $ MARIO AND LUIGI PARTNERSHIP Mario Division of Profit $ Luigi $ Question 8 of 11 Profit Salary allowance Mario Luigi Total < > Profit (deficiency) remaining for allocation Fixed ratio Mario Luigi Total Profit (deficiency) remaining for allocation $ Profit (loss) allocated to the partners $ $ Save for Later $ $ $ - /20 $ Attempts: 0 of 1 used Submit

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