E12-3 Adam Meppen and Bailey Quaid form a partnership, investing $40,000 and $70,000. respectively. Determine their shares of net income or net loss for each of the following situa tions:

a. Net loss is $52.000 and the partners have no written partnership agreement.

b. Net income is $77,000, and the partnership agreement states that the partners share prof- its and losses on the basis of their capital contributions.

c. Net loss is $33.000, and the partnership agreement states that the partners share profits on the basis of their capital contributions.

d. Net income is $98.000. The first $60.000 is shared on the basis of partner capital contri- butions. The next $30.000 is based on partner service. with Meppen receiving 30% and Quaid receiving 70%. The remainder is shared equally