QUESTION 10 Atra and Estel formed a partnership on January 1. Atra contributed $105,000 cash and equipment with a market value of $64,000. Estel investment consisted of: cash, $52,000; inventory, $32,000; all at market values. Partnership net income for year 1 and year 2 was $118,000 and $135,000, respectively. 1. Determine each partner's share of the net income for each year, assuming each of the following independent situations: (a) Income is divided based on the partners' failure to sign an agreement. (d) Income is divided based on interest allowance of 12% on the original capital investments; salary allowance to Atra of $ 36,000 and Estel of $30,000; and the remainder to be divided equally. 2. Prepare the journal entry to record the allocation of the Year 1 income under alternative (d) above. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Open Sans,s... 14.00000095... V E