Jensen and Stafford began a partnership to start a hardwood flooring installation business, by investing $166,000 and $206,000, respectively. They agreed to share profits/(losses) by providing yearly salary allowances of $156,000 to Jensen and $81,000 to Stafford, 20% interest allowances on their investments, and sharing the balance 3:2. Required: 1. Determine each partner's share if the first-year profit was $426,000. Share to Jensen Share to Stafford Total Total salaries and interest allocation Balance of profit $ 0 $ 0 0 $ 0 Remainder 3.2 ratio: 0 Balance of profit Shares of each partner $ 0 $ 0 $ 0 2. Independent of (1), determine each partner's share if the first-year loss was $101,000. (Negative answers should be indicated by a minus sign.)