Question: Problem: Prepare the journal entries and computation to record the division of profit using the following assumptions: 1. Profit is divided equally 2. Profit is

Problem: Prepare the journal entries and computation to record the division of profit using the following assumptions: 1. Profit is divided equally 2. Profit is divided in the ratio of 3:2 3. Profit is divided 45% to Adam and 55% to Andy 4. Profit is divided according to the beginning capital ratio 5. Profit is divided according to average capital ratio

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