Cosmo and Ellis began a partnership by investing $50,000 and $75,000, respectively. During its first year, the partnership earned $165,000. Assume that the partners agreed to share net income and loss by granting annual salary allowances of $55,000 to Cosmo and $45,000 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 $165,000.2. Determine the partners shares of Cosmo and Ellis given a first-year net loss of $15,700Check (2) Cosmo, $(4,100)