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26 (2 points) (for this question you do not need to show your work) A partnership began its first year of operations with the following
26 (2 points) (for this question you do not need to show your work) A partnership began its first year of operations with the following capital balances: Young, Capital: Eaton, Capital: $150,000 $110,000 Thurman, Capital: $140,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner: Young was to be awarded an annual salary of $26,000 and $13,000 salary was to be awarded to Thurman. Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year. The remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, respectively. Each partner withdrew $13,000 per year. Assume that the net loss for the first year of operations was $50,000 with net income of $52,000 in the second year. 1. What was Young's total share of net loss for the first year? 2. What was Eaton's total share of net loss for the first year
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