5. Martin and Pollack began a partnership by investing $6 000 and $4 000, respectively. During its first year, the partnership earned $80 000. Prepare calculations showing how the $80 000 income is allocated under each of the following two separate plans for sharing income and loss:

1. The partners agreed to share income and loss in proportion to their initial investment.

2. The partners agreed to share income by granting a $35 000 per year salary allowance to Martin, a $13 000 per year salary allowance to Pollack, 20% interest on their initial investment, and any remaining balance shared 70% to Martin and 30% to Pollack.