K Frawley and Hart form a partnership, contributing $67,500 and $22,500, 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 Net income (loss) Frawley Situation a. Hart Total More info a. Net loss is $110,000 and the partners have no written partnership agreement. b. Net income is $50,000 and the partnership agreement states that the partners share profits and losses on the basis of their capital balances. c. Net income is $170,000. The first $102,000 is shared on the basis of capital balances. The next $51,000 is based on partner service, with Frawley receiving 30% and Hart 70%. The remainder is shared equally. -