Assignment Three: Income & Loss Division Cosmo and Ellis began a partnership by investing $50,000 and $75,000, respectively. During its first year. the partnership earned $165,000. Prepare calculations showing how the $165,000 income should be allo- cated to the partners under each of the following three separate plans for sharing income and loss: (1) the partners failed to agree on a method to share income; (2) the partners agreed to share income and loss in proportion to their initial investments (round amounts to the nearest dollar); and (3) the partners agreed to share income by granting a $55,000 per year salary allowance to Cosmo, a $45,000 per year salary allow ance to Ellis, 10% interest on their initial capital investments, and the remaining balance shared equally. Assume that the partners of Exercise 12-5 agreed to share net income and loss by granting annual salary allowances of $55,000 to Cosmo and 545,000 to Ellis, 10% interest allowances on their investments, and any remaining balance shared equally 1. Determine the partners' shares of Cosmo and Ellis given a first-year net income of $94.400, 2. Determine the partners' shares of Cosmo and Ellis given a first-year net loss of $15.700