Finn and Hannigan form a partnership, contributing $40,000 and $60,000, respectively. Determine their shares of net income or net loss for each of the following independent situations: (Use a minus sign or parentheses when entering losses.) i (Click on the icon to view the independent situations.) Determine partners' shares of net income or net loss for situation a. Net income (loss) Finn Hannigan Total Situation a. $ (60,000) $ (60,000) $ (120,000) Determine partners' shares of net income or net loss for situation b. More info Net income (loss) Finn Hannigan Total Situation b. a. Net loss is $120,000 and the partners have no written partnership agreement. b. Net income is $70,000 and the partnership agreement states that the partners share profits and losses on the basis of their capital balances. c. Net income is $160,000. The first $96,000 is shared on the basis of capital balances. The next $48,000 is based on partner service, with Finn receiving 40% and Hannigan 60%. The remainder is shared equally. Print Done