K Frasier and Hardie form a partnership, contributing $22,500 and $52,500, respectively. Determine their shares of net income or net loss for each of the following independent situations: (Use a minus sign or parentheses when entering losses) (Click on the icon to view the independent situations.) Determine partners' shares of net income or net loss for situation a More info Net income (loss) Frasier Hardie Total a. Situation a 55000 55000 110000 Determine partners' shares of net income or net loss for situation b Net income (loss) Frasier Hardie Total 18000 Situation b 72000 90000 Net loss is $130,000 and the partners have no written partnership agreement. b. Net income $70,000 and the partnership agreement alates that the partners share profits and losses on the basis of their capital balances eNet income is $120,000. The first $72,000 is shared on the basis of capital balances. The next $36,000 is based on partner service, with Frasier receiving 20% and Hardie 80%. The remainder is shared equally Determine partners' shares of net income or net loss for situation c Net income (loss) Frasier Situation c 44200 Hardie Total 125800 170000 Print Done