P12-29A Evans, Furr, and Good formed the EF&G partnership. Evans invessed $20,000; Furr, $40,000; and Good, $60,000. Evans will manage the store; Furr will work in the store three-quarters of the time; and Gond will not work. Requirements 1. Compute the partners' shares of profits and losses under each of the following plans: a. Net loss is $40,000, and the partnership agreement allocates 45% of profits to Evans, 35% to Furr, and 20% to Good. The agree- ment does not discuss the sharing of losses. (pp. 601-602) b. Net income for the year ended September 30, 2009, is $90,000. The first $30,000 is allocated on the basis of partner capital bal- ances. The next $30,000 is based on service, with $20,000 going to Evans and $10,000 going to Furr. Any remainder is shared equally. (pp. 602-603) 2. Revenues for the year ended September 30, 2009, were $190,000, and expenses were $100,000. Under plan (b) above, prepare the par nership income statement for the year. (p. 614)