4. Income distribution among partners The beginning capital balances in the partnership of Kell, Reardon, and Talbot are $20,000, S40,000, and $30,000, respectively. Th the following provisions for the division of net income: e partnership agreement contains 1. Partners are allowed 10% interest on their beginning capital balances. 2. Reardon and Talbot each have salary allowances of $10,000. 3. Remaining profits and losses are shared equally among the three partners. Determine the appropriate division of net income (or net loss) among the partners for the independent cases that follow. a. Net income is $47,000. b. Net income is $14,000. c. Net loss is $7,000