Day and Night formed an accounting partnership in 2014. Capital transactions for Day and Night during 2014 are as follows:

Date Transaction Amount

Day

1/1 Beginning balance $75,000

4/1 Withdrawal 19,200

6/1 Investment 37,800

11/1 Investment 19,200

Night 1/1

Beginning balance $37,200

7/1 Investment 18,600

10/1 Withdrawal 9,600

Partnership net income for the year ended December 31, 2014; is $69,000 before considering salaries or interest. Determine the amount of profit that is to be allocated to Day and Night in accordance with each of the following independent profit-sharing agreements:

3. Net income is to be allocated in the ratio of ending capital balances.

4. Net income is to be allocated in the ratio of average capital balances.