On January 1, 19x1, Joyce Chan and Kim Nichols agreed to form a partnership to operate an educational consulting business. Chan and Nichols invested cash of $90,000 and $60,000, respectively, in the partnership. The business had normal first-year problems, but during the second year the operation was very successful. For 19x1, they reported a $30,000 loss; for 19x2, an $80,000 income. Prepare the journal entry to record the investment of both partners in the partnership. Determine Chan's and Nichol's share of the income and loss for each year, assuming each of the following methods of sharing income and losses: The partners agreed to share income and losses equally. The partners agreed to share income and losses in the ratio of 7:3 for Chan and Nichols, respectively. The partners agreed to share income according to their original capital investment ratio, but did not mention losses