S12-6 Friesen, Walters, and Onley have Capital balances of $12,000,$6,000, and $6,000, respectively. The partners share profits and losses as follows: a. The first $40,000 is divided based on the partners' capital investments. b. The next $30,000 is based on service, shared equally by Friesen and Onley. c. The remainder is divided equally. Compute each partner's share of the $94,000 net income for the year. Exercise 4 Q Q Ben and Jerry form a partnership by contibuting $70,000 and $35,000, respectively. They agree to an interest allowance equal to 10% of each partner's capital balance at the beginning of the year with the remaining profit shared equally. Allocate first-year profit of \$40,000 to each partner. [3] What fraction does each partner receive if three partners share on a 1:2:2 basis? .83 What percentage does each partner receive if three partners share on a 1:2:2 basis