eau Dawson and Willow McDonald formed a partnership, investing $104,000 and $156,000, respectively.

Determine their participation in the year's net income of $280,000 under each of the following independent assumptions:

a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $36,000 and $48,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 5% on original investments, salary allowances of $36,000 and $48,000, respectively, and the remainder divided equally.