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 $$24,000.$ Later, Maha made a $$25,000$ loan and Sana made a $$35,000$ loan to the partnership when it needed working capital. The partnership agreement provided that profits$/$losses were to be shared based on the partners$$ 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 $$160,000.$ You do not have to use the IRAC method.

Part $1$: Discuss fully how the assets should be distributed. Use the template below.

Part $2$: Using the same information, except that the partnership agreement provided that profit$/$losses are to be shared equally among the partners, how much would Maha receive in total, including the component parts? Show your calculations. Use the template below.