Question: I am stuck on my homework question. Please help me show how it should be answered. Homework due in 1 hour! QUESTION 3 (9 marks)

I am stuck on my homework question. Please help me show how it should be answered. Homework due in 1 hour!

QUESTION 3 (9 marks) On September 1, 2020, Brenda Mattison and Tracie Miller started a partnership providing various accounting services. Brenda invested $88,000 and Tracie invested $99,000 and agreed to share profits and losses using the following allocation: 1. Yearly salary of $70,000 for Brenda and $80,000 for Tracie. 2. Interest allowance of 15% on initial investments 3. Split remaining amount 50/50 The partnership incurred a loss of $62,000 for the year ended October 31, 2021. Determine the division of loss and record the entry to close the income summary account at year end

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