olem 15 of 18 The following information pertains to a newly formed partnership during the first year of operations Jonn Witt and Ed Smith decided to form a partnership on January 1. Wie ested $60,000 and Smith invested $40,000. On December 31, the end of the year, a ne income of $200,0 carned. Assuming a partnership agreement does not exist, how much of the amount earned would each receive? O $100,000 each b. Witt, $200,000; Smith. $0 Oc. Witt, $120,000; Smith, 580,000 Od. None of these choices are correct