QUESTION 3 10 points Save Answer Parnell and Adam are partners. Pamell contributed S40,000 and Ad split in proportion to capital contribution, but is silent as to how losses will be shared. Last year, the partnership had losses of $80,000. How were they shared? O $40,000 by Parnell; $30,000 by Adam, $10,000 is carried forward to next year O Equally by both partners. O In the same proportion as profits. am contributed property valued at $30,000. The partnership agreement states that profits are to be $40,000 by Parnell, $30,000 by Adam, S1 0,000 from a bank line of credit QUESTION 4 10 points Save Answer Peter, Paul, and Mary, who were licensed pharmacists, formed a partnership to purchase and run a small drugstore chain. Each held a 1/3 interest in the partnership. aul died, his wife Ellen began receiving annuity payments equal to 1/3 of the partnership's net profits. The payments were to last for three years. Ellen is also a licensed pharmacist and perfectly capable of performing all the duties that Peter, Paul, and Mary performed. She claims that under partnership law both her right to receive a share of net profits and her expertise in the field are prima facie evidence that she is now a partner in the firm. Is Ellen correct? O No, paying a surviving spouse an annuity is not evidence of partnership O No, only management rights are prima facie evidence of a partnership. O Yes, sharing in net profits for whatever reason is prima facie evidence of a partnership O Yes, sharing in net profits and having the same business qualifications as the other partners together create prima facie evidence of a partnership