Question: Question 3 Connor M., Leon D., and Darnell N. are in a partnership together. They have opening capital balances on January 1, 2021 of $210,000,

Question 3 Connor M., Leon D., and Darnell N. are in

a partnership together. They have opening capital balances on January 1, 2021

Question 3 Connor M., Leon D., and Darnell N. are in a partnership together. They have opening capital balances on January 1, 2021 of $210,000, $120,000, and $170,000, respectively. They have agreed to share profits and losses as follows: i. $75,000 to be allocated in the ratio of their opening capital balances. i. $180,000 to be allocated based on service for Connor M., Leon D., and Darnell N. in a ratio of 1:3:2, respectively. iii. Any remaining profit is allocated equally. Required: a) Profit for 2021 was $345.000. Prepare a schedule to show the income allocation of profit to Connor M, Leon D and Darnell N. (11 marks) b) Calculate the ending capital balance for Leon at December 31, 2021 assuming he withdrew $5,000 per month for the year. Show your work for full marks

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