Frasier and hill form a partnership, contributing 97,500 and 32,500 respectively. Determine their shares of net income or net loss for each of the following independent situations.

Determine partners' shares of net income or net loss for situation a Net income (loss) Frasier Hill 70000 70000 Total Situation a. (140,000) More Info Determine partners' shares of net income or net loss for situation b Net income (loss) Frasier Hill 97500 32500 Total Situation b. 130000 a. Net loss is $140,000 and the partners have no written partnership agreement b. Net income is $130,000 and the partnership agreement states that the partners share profits and losses on the basis of their capital balances. Net income is $120,000. The first $72,000 is shared on the basis of capital balances. The next $36,000 is based on partner service, with Frasier receiving 30% and Hill 70% The remainder is shared equally C Determine partners' shares of net income or net loss for situation c Net income (loss) Frasier Hill Total Situation c. Print Done