Fitzgerald and Kennedy were roommates in college and began to sell custom-designed T-shirts with dormitory logos. On each shirt they put a small logo of their own, which read "Dorm Shirts." They both contributed to the design, production, and marketing of the T-shirts and split any profits. Eventually, the shirts became so popular that the roommates began plans to expand their operations and offer other apparel (such as sweatshirts) with dormitory logos. They ultimately locate Johnson, who agrees to finance the expansion with a $50,000 contribution. Johnson forms Dorm Apparel L.P. and has his counsel draft a limited partnership agreement that names Fitzgerald and Kennedy as general partners and Johnson as a limited partner. The business expands rapidly and initially sales are so good that Johnson often pitches in by helping with design, production, and marketing. Eventually, a few years later, the partnership's expenses and debt outpace its revenue, and Dorm Apparel defaults on the loan to Big Bank. Assume that Fitzgerald and Kennedy's initial contribution to Dorm Apparel, L.P. was worth $25,000 each. The limited partnership agreement did not define how the profits were to be split. In the first year Dorm Apparel, L.P. had a profit of $600,000. How would this be split? a. $200,000 each to Fitzgerald, Johnson, and Kennedy b. $300,000 to Johnson, $150,000 each to Fitzgerald and Kennedy c. $600,000 to Johnson and nothing to Fitzgerald and Kennedy d. $300,000 each to Fitzgerald and Kennedy and nothing to Johnson e. $480,000 to Johnson and $60,000 each to Fitzgerald and Kennedy Fitzgerald and Kennedy were roommates in college and began to sell custom-designed T-shirts with dormitory logos. On each shirt they put a small logo of their own, which read "Dorm Shirts." They both contributed to the design, production, and marketing of the T-shirts and split any profits. Eventually, the shirts became so popular that the roommates began plans to expand their operations and offer other apparel (such as sweatshirts) with dormitory logos. They ultimately locate Johnson, who agrees to finance the expansion with a $50,000 contribution. Johnson forms Dorm Apparel L.P. and has his counsel draft a limited partnership agreement that names Fitzgerald and Kennedy as general partners and Johnson as a limited partner. The business expands rapidly and initially sales are so good that Johnson often pitches in by helping with design, production, and marketing. Eventually, a few years later, the partnership's expenses and debt outpace its revenue, and Dorm Apparel defaults on the loan to Big Bank. Assume that Fitzgerald and Kennedy's initial contribution to Dorm Apparel, L.P. was worth $25,000 each. The limited partnership agreement did not define how the profits were to be split. In the first year Dorm Apparel, L.P. had a profit of $600,000. How would this be split? a. $200,000 each to Fitzgerald, Johnson, and Kennedy b. $300,000 to Johnson, $150,000 each to Fitzgerald and Kennedy c. $600,000 to Johnson and nothing to Fitzgerald and Kennedy d. $300,000 each to Fitzgerald and Kennedy and nothing to Johnson e. $480,000 to Johnson and $60,000 each to Fitzgerald and Kennedy