Jensen and Stafford began a partnership to start a hardwood flooring installation business, by investing $171,000 and $211,000, respectively. They agreed to share profits/(losses) by providing yearly salary allowances of $161,000 to Jensen and $86,000 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 $431,000. Total salaries and interest allocation Balance of profit Remainder 3:2 ratio: Balance of profit Shares of each partner Share to Jensen Share to Stafford Total 2. Independent of (1), determine each partner's share if the first-year loss was $106,000. (Negative answers should be indicated by a minus sign.) Total salaries and interest allocation Balance of loss Remainder 3.2 ratio: Balance of loss Shares of each partner Share to Jensen Share to Stafford Total A