Problem 4. Distribution of Profits or Losses Dane and Mike are partners. Dane's original capital investment was 800,000 and Mike's was 1,200,000. They agreed to share profits and losses as follows: Dane Mike Salaries 200,000 300,000 Interest on original capital 10% 10% Remaining profits or losses 3/5 2/5

Questions: If the profit for the year was 900,000, what is the share of Dane in the partnership profit? If the profit for the year was 3,000,000, what is the share of Dane in the partnership profit? If the losses for the year was 600,000, what is the share of Dane in the partnership profit? If the profit for the year was 900,000, what is the share of Mike in the partnership profit? If the profit for the year was 1,800,000, what is the share of Mike in the partnership profit?