Ken Danolo and Jim Goldman form a partnership, investing $96,000 and $168,000, respec-

tively. Determine their shares of net income or net loss for each of the following situations:

a. Net loss is $124,800 and the partners have no written partnership agreement.

b. Net income is $105,600 and the partnership agreement states that the partners share

profits and losses based on their capital investments.

c. Net income is 264,000. the first $132,00 is shared based on the partner capital investments. The next $100,000 is shared based on partner service, with Danlo receiving 40 percent and Goldman receiving 60 percent. The remainder is shared eqaully.