Exercise 11-5 Profit allocation in a partnership LO3 Jensen and Stafford began a partnership to start a hardwood flooring installation business, by investing 3174,000 and $214,000, respectively. They agreed to share profits/(losses) by providing yearly salary allowances of $164,000 to Jensen and $89,000 to Stafford, 15% Interest allowances on thelr investments, and sharing the balance 32 Required: 1. Determine each partner's share if the first-year profit was $434,000. Share to Jensen Share to Stafford Total $ 0 S Total salaries and interest allocation Balance of profit 0 $ 0 Remainder 3 2 ratio Balance of profit Shares of each partner S ONS 0 2. Independent of (1), determine each partner's share if the first-year loss was $109,000. (Negative answers should be indicated by a minus sign.) Share to Jensen Share to Stafford Total S Total salaries and interest allocation Balance of loss 0 S 0 0 S 0 0 Remainder 32 ratio Balance of loss Shares of each partner $ 0 $ 05 0