Problem 11-2A Allocating partnership profits and losses; sequential years e LO3 eXcel CHECK FIGURES: d. Year Aa Aa (Aa Define 1 Phillip: $ 39,000; Case: $ 111,000; d. Year 3: Phillip: $ 89,000; Case: $ 161,000 Phillip and Case are in the process of forming a partnership to import Belgian chocolates, to which Phillip will contribute one- third time and Case full time. They have discussed the following alternative plans for sharing profit and losses. a. In the ratio of their initial investments, which they have agreed will be $ 160,000 for Phillip and $ 240,000 for Case. b. In proportion to the time devoted to the business. c. A salary allowance of $ 5,000 per month to Case and the balance in accordance with their initial investment ratio. d. A $ 5,000 per month salary allowance to Case, 15% interest on their initial investments, and the balance equally. follows: Year 1, $ 100,000 loss; Year 2, $ 150,000 profit; and The partners expect the business to generate profit Year 3, $ 250,000 profit. Required Prepare four schedules with the following column headings: Share to Share to Year Calculations Philli p Case Total Complete a schedule for each of the four plans being considered by showing how the partnership profit or loss for each year would be allocated to the partners. Round your answers to the nearest whole dollar. Problem 11-3A Partnership profit allocation, statement of changes in equity, and closing entries 2L02 93eYcel