Jensen and Stafford began a partnership to start a hardwood flooring installation business, by investing $177,000 and $217,000, respectively. They agreed to share profits/(losses) by providing yearly salary allowances of $167.000 to Jensen and $92,000 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 $437,000. Share to Jensen Share to Stafford Total Total salaries and Interest allocation Balance of profit Remainder 3:2 ratio: Balance of profit Shares of each partner 2. Independent of (1), determine each partner's share if the first-year loss was $112,000 (Negative answers should be indicated by a minus sign.) Shares of each partner 23 2. Independent of (1), determine each partner's share if the first-year loss was $112,000. (Negative answers should be indicated by a minus sign.) Share to Jensen Share to Stafford Total Total salaries and interest allocation Balance of loss Remainder 3:2 ratio: Balance of loss Shares of each partner