Martin and Brett share profits on a 60:40 basis respectively. On 1 July 2016 the equity accounts were as follows:

	Martin			Brett
Capital Retained earnings	$	540 000 160 000		$	460 000 130 000

The partners were entitled to 12% interest on capital. Brett ran the business and received a salary of $80 000. During the year Martin withdrew $48 000 in cash and Brett withdrew $12 000. The profits for the year ended 30 June 2017 were $500 000 before providing for interest on capital balances and Brett’s salary.

Required

Prepare the Profit Distribution accounts and partners’ Retained Earnings accounts for the year ended 30 June 2017.