E12-17 Allocating profits and losses to the partners Bob Frasier and Jack $35,000, respectively independent situations: ~-...- ':.: a. Net loss is $100,000 and the partners have no written partnership agreement. b. Net income is $60,000 and the partnership agreement states that the partners Hannigan form a partnership, contributing $105,000 and Determine their shares of net income or net loss for each of the following share profits and losses on the basis of their capital balances. Net income is $130,000. The first $78,000 is shared on the basis of capital balances. The next $39,000 is based on partner service, with Fraser-receiving 60% and Hannigan, 40%. The remainder is shared equally. c