Question 3 of 5 -/1 E After closing the revenue and expense accounts, the profit for the year ended December 31, 2021 of the Mo & Molly partnership is $138,000. The partnership agreement specifies that profits and losses will be shared using the following formula. 1. Allocate salary allowances of $24,000 to Mo and $39,000 to Molly. 2 Remaining profit (loss) is to be shared on a ratio of 2:1. At the beginning of the year, Mo's capital account had a balance of $36,000 and Molly's capital account had a balance of $27,000. Mo withdrew $1.400 cash per month while Molly withdrew $2,800 per month from the partnership (a) Prepare a schedule to show how the profit will be allocated to the two partners. MO & MOLLY Division of Profit Year Ended December 31, 2021 Mo Molly Total Profit 36000 27000 6300 Salary allowance Mo 24000 Question 3 of 5 -/1 E MO & MOLLY Division of Proht Year Ended December 31, 2021 Mo Molly Total Proht 36000 27000 6300 Salary allowance ?? 24000 Molly Total Profit remaining for allocation Fixed ratio Mo Molly Total Profit remaining for allocation Question 3 of 5 -/1 Total Profit remaining for allocation Fixed ratio ?? Molly Total Profit remaining for allocation Profit allocated to the partners $ eTextbook and Media Save for Later Attempts:0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above