Matt Looney and Dave Briseo form a partnership, investing ($ 40,000) and ($ 70,000), respectively. Determine their

Matt Looney and Dave Briseño form a partnership, investing \(\$ 40,000\) and \(\$ 70,000\), respectively. Determine their shares of net income or net loss for each of the following situations:

a. Net loss is \(\$ 44,000\), and the partners have no written partnership agreement.

b. Net income is \(\$ 66,000\), and the partnership agreement states that the partners share profits and losses on the basis of their capital contributions.

c. Net loss is \(\$ 77,000\), and the partnership agreement states that the partners share profits on the basis of their capital contributions.

d. Net income is \(\$ 125,000\). The first \(\$ 60,000\) is shared on the basis of partner capital contributions. The next \(\$ 45,000\) is based on partner service, with Looney receiving 30 percent and Briseño receiving 70 percent. The remainder is shared equally.