Bray, Lincoln, and Mapes arranged to import and sell orchid corsages for a unlversity dance. They agreed to share equaly the net income or net loss of the venture. Bray and Lincoln advanced $780 and $1,200 of their own respective funds to pay for advertising and other expenses. After collecting for all sales and paying ?editors, the partnership has $3,210 in cash. Use the minus sign to indicate any deficiency for the capital accounts. For t a. How much net income was earned from the venture? 1,230 b. How should the money be distributed? Lincoln Total 1,220 X 1,6401 x 410 3,270 x C.Assume that the partnership has only $1,710 instead of $3,210. Do any of the three partners have a capital defidlency? -270X Total Bray Capial balances6901,110 901710 Next 2:27 AM