A public accounting firm, Drake CPAs, has offices in Portland and Sacramento. The Sacramento office handles all of the work for a Sacramento client, Hillary's Design. Members of Drake have several loans to or from officers of Hillary's Design. A Portland partner has loaned $5,000 to a member of the board of directors and a Sacramento professional staff person, who does no work for this client, has borrowed $3,000 from the president of this company. Which of the loans would impair the firm's independence with this client? The Portland partner's loan does not impair independence and the Sacramento professional staff person's loan impairs independence. The Portland partner's loan impairs independence and the Sacramento professional staff person's loan does not impair independence. Neither the Portland partner's nor the Sacramento professional staff person's loans would impair independence. Both the Portland partner's and the Sacramento professional staff person's loans would impair independence. h of the following is NOT a cooperative arrangement between a member firm and a d impair independence? joint venture to develop or market products or services where the arrangement is material to the c er firm arrangement to combine one or more services or products of the member firm with one or more : the client and market the package with references to both parties. The arrangement is material t t not to the client. rime/subcontractor arrangement to provide services or products to a third party where the arra I to the firm or to the client of the above are cooperative arrangements that would impair the member firm's independence