first 20 minutes. SORULAR (QUESTIONS) 1a. Pike, Quinn, and Reed are forming a parthnership On March 31 of the current year, the capital accounts of the three existing partners and their shares of profits and losses are as follows: Capital Profit-and-Loss % Pike.. $ 50,000 20% Quinn 100,000 30% Reed.. .......... 150,000 50% Requirements A partnership reports net income of $70,000. The partnership agreement has defined an income sharing ratio, which provides for salaries of $15,000 to Pike and $10,000 to Quinn, Any remaining profit is allocated based on profit and loss ratio. What division of profits would you recommend to Pike, Quinn and Redd? (20 p.) 1b. Pike, Quinn, and Reed are forming a partnership 1/1