1. Charlene, Derwood, and Elwyn form a partnership. They make no express agreement concerning how profits are to be divided. Of the $30,000 initial capital of the firm, Charlene and Derwood each contributed $12,000. Elwyn contributed $6,000. The partnership had a profit of $15,000 during the first year of operation of the business. What is Derwood's share of the profit?

a. $5,000

b. $6,000

c. $10,000

d. $12,000