Emphasis E Heading 1 Normal St ili Use the following information for questions 1 and 2. Luaman, and Idris share profits and losses equally. Luaman, and Idris receive salary allowances of $30,000 and $40,000, respectively, and both partners receive 10% interest on their average capital balances. Luqman is entitled to a bonus of 5% after deduction of the bonus. Partners' drawings are not used in determining the average capital balances. Total net income for 2020 is $210,000 Luaman Idris January 1 capital balances $100,000 $120,000 Yearly drawings ($1,500 a month) 18,000 18,000 Permanent withdrawals of capital: July 1 (12,000) June 1 (15,000) Additional investments of capital: August 1 40,000 November 1 50,000 1. What is the weighted average capital for Luqman and Idris in 2020? 2. What will be the final profit allocations for Luqman and Idris in 2020