Jess and Cali formed a partnership with capital contributions with a fair value of $25,000 and $45,000, respectively. Their partnership agreement calls for Jess to receive a $12,000 annual salary allowance. Also, each partner is to receive an interest allowance equal to a 10% return on capital investments. The remaining income or loss is to be divided equally.

Calculate and match each share of the profit/loss going to each partner according to the partnership agreement if the loss was 75,000.

Cali	(37,500) (26,786) 88,800 (48,214) (32,500) (42,500) 6,200
Jess	(37,500) (26,786) 88,800 (48,214) (32,500) (42,500) 6,200