16 2 pts Phox and Ranch have decided to form a partnership. They are in the process of agreeing on how the profits/losses will be divided. Assume that the company is anticipating net income of $80,000 for the first time period. If there is no agreement, what would Phox's share of the net income be? Net Income $40,000 O $20,000 $80,000 O There is no way to determine it. Phox Ranch Total 80,000