Frantz and Hill form a partnership, contributing $24,000 and $96,000, 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.) 1 (Click on the icon to view the independent situations.) Net income (loss) Hill Situation Frantz Total C. More Info Net loss is $110,000 and the partners have no written partnership agreement. Net income is $90,000 and the partnership agreement states that the partners share profits and losses on the basis of their capital balances. Net income is $170,000. The first $102,000 is shared on the basis of capital balances. The next $51,000 is based on partner service, with Frantz receiving 30% and Hill 70%. The remainder is shared equally. a. b. c. Print Done