Question: Sunglao and Java are partners in bakery business. The activity in each partner's capital account for 2019 follows: Sunglao, Capital Java, Capital May 30

Sunglao and Java are partners in bakery business. The activity in each

Sunglao and Java are partners in bakery business. The activity in each partner's capital account for 2019 follows: Sunglao, Capital Java, Capital May 30 40,000 Dec. 1 20,000 200,000 80,000 70,000 180,000 10,000 480,000 Jan. 1 Feb. 1 Oct 30 Dec. 1 Dec. 30 Dec. 31 Mar. 30 July 1 Sept.30 50,000 50,000 50,000 300,000 Jan.1 150,000 Dec.31 The profit for 2019 is 2,000,000. Required: Determine the partners' share in the profit under each of the following independent cases, and prepare the necessary journal entries: Case 1: Bonus to Sunglao equal to 20% of profit, balance to be divided equally. Case 2: Salary allowances of 450,000 and 350,000 to Sunglao and Java, respectively; interest on average capital balances computed at 10%. Bonus to Sunglao of 20% of profit

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