We investigate the optimal power allocation and optimal precoding for a cluster of two BSs which cooperate to jointly maximize the achievable rate for two users connecting to each BS in a MCP framework. This framework is modeled by a virtual network MIMO channel due to the framework of full cooperation. In particular, due to sharing the CSI and data between the two BSs over the backhaul link. We provide a generalized fixed point equation of the optimal precoder in the asymptotic regimes of the low- and high-snr. We introduce a new iterative approach that leads to a closed-form expression for the optimal precoding matrix in the high-snr regime which is known to be an NP-hard problem. Two MCP distributed algorithms have been introduced, a power allocation algorithm for the UL, and a precoding algorithm for the DL.