Maha, Alice, Sana and Kathy formed a partnership. At the time of the partnership's formation, Maha's capital contribution was $80,000, Alice's was $16,000, Sana's was $40,000, and Kathy's was $24,000. Later, Sana made a $25,000 loan and Kathy made a $15,000 loan to the partnership when it needed working capital. The partnership agreement provided that profits/losses were to be shared based on the partners' capital contribution. The partnership was dissolved by Alice's death. At the end of the dissolution and the winding up of the partnership, the partnership's assets were $400,000, and partnership's debts to all creditors were $100,000. You do not have to use the IRAC method.

Discuss fully how the assets should be distributed.  

 Using the same information, except that the partnership agreement provided that profit/losses are to be shared equally among the partners, how much would Sana receive in total, including the component parts?