Cosmo and Ellis began a partnership by investing $50,000 and $75,000, respectively. During its first year, the partnership earned $165,000. Prepare calculations showing how the $165,000 income should be allocated to the partners under each of the following three separate plans for sharing income and loss: (1) the partners failed to agree on a method to share income; (2) the partners agreed to share in¬ come and loss in proportion to their initial investments (round proportions to the nearest hundredth); and (3) the partners agreed to share income by granting a $55,000 per year salary allowance to Cosmo, a $45,000 per year salary allowance to Ellis, 10% interest on their initial capital investments, and the remaining balance shared equally.