Danny Spurlock and Tracy Wilson decided to form a partnership on July $1,20-1.$ Spurlock invested $$80,000$ and Wilson Invested $$20,000.$ For the fiscal year ended June $3$ income of $$80,000$ was earned. Determine the amount of net income that Spurlock and Wilson would receive under each of the following independent assumptions:

Income to be allocated

There is no agreement concerning the distribution of net income.

Each partner is to receive $10\%$ interest on their original investment. The remaining net income is

to be divided equally.

Spurlock and Wilson are to receive a salary allowance of $$37,000$ and $$25,000,$ respectively.

The remaining net income is to be divided equally,

Each partner is to receive $10\%$ interest on their original investment.

Spurlock and Wilson are to receive a salary allowance of $$37,000$ and $$25,000,$ respectively.

The remaining net income is to be divided as follows: Spurlock, $75\%$ and Wilson, $25\%.$