Bob Freeley and Jack Hart form a partnership, investing $25 000 and $100 000, respectively.

Requirement:

Determine their shares of profit or loss for each of the following independent situations: a Loss is $130 000 and the partners have no written partnership agreement on sharing loss. b Profit is $50 000 and the partnership agreement states that the partners share profits and losses on the basis of their capital balances. c Profit is $140 000. The first $84 000 is shared on the basis of partner capital balances. The next $42 000 is based on partner service, with Bob Freely getting 25% and Jack Hart 75%. The remainder is shared equally