Distribution of Income 5. James Johnson and Jade Jackson agreed to form a partnership. Johnson contributed $200,000 and Jackson contributed assets with a fair market value of $400,000. The partnership, in its initi reported net income of $120,000.-3Pts Calculate the distribution of the first year's income to the partners under each of the following conditions: Johnson and Jackson failed to include stated ratios in the partnership agreement b Johnson and Jackson agreed to share income and losses in a 3:2 ratio. Clohnson and lackson agreed to share income and losses in the ratio of their original investments