Jensen and Stafford began a partnership to start a hardwood flooring installation business, by investing $176,000 and $216.000, respectively. They agreed to share profits/(losses) by providing yearly salary allowances of $166,000 to Jensen and $91,000 to Stafford, 25% interest allowances on their investments, and sharing the balance 3.2. Required: 1. Determine each partner's share if the first-year profit was $436,000 Share to Jensen Share to Stafford Total $ 436,000 S Profit Salary allowances Pinterest allowances Total salaries and interest allocation Balance of profit 166,000 s 44,000 210,000 $ 91,000 54,000 145,000 $ (355,000) 81,000 $ 0 Remainder 3.2 ratio: Balance of profit Shares of each partner S 210,000 $ 145,000 $ 436,000 2. Independent of (1), determine each partner's share if the first-year loss was $111,000. (Negative answers should be indicated by a minus sign.) Share to Jensen Share to Stafford Total $ 111,000 $ 166.000 s 91,000 Loss Salary allowances Interest allowances Total salaries and interest allocation Balance of loss $ 166,000 $ 91,000 (257,000) S (146,000) 0 Remainder 3 2 ratio: Balance of loss Shares of each partner $ 166.000 $ 91,000 $ 111,000