Section 3 (10 Marks) (CLO 3) Drew, Eaton, and Howard formed a partnership. When applicable, the articles of co-partnership state that salaries are to be paid first, interest on partners' capital second, with the remainder to be divided equally. The cases below are independent.justify your answers by giving a reasonable argument (show your working), 1. Net income for the year was $600,000. The partnership agreement provides for salaries of $120,000 for Drew and $110,000 for Eaton, with no interest paid on capital balances. (2 marks) Partner Drew's share of net income is $_ Justification: 2. Net income for the year was $120,000. The partnership agreement provides for a $30,000 salary for Eaton and 20% interest on January 1 capital balances. These balances were $50,000 for each partner on January 1. Partner Eaton's share of net income is 5 Justification: 3. Net loss for the year was $110,000. Neither salaries nor interest on capital balances is to be paid. Partner Drew's share of net loss is $. Justification: 4. Net income for the year was $98,400. The partnership agreement makes no provision for salaries but provides for 16% interest on January 1 capital balances. These balances were $60,000 for Drew and $105.000 each for Eaton and Howard Partner Drew's share of net income is $_ Justification: 5. Net income for the year was $137,000. The partnership agreement makes no provision for salaries but provides for 10% interest on January 1 capital balances. These balances were $70,000 $100,000, and $80,000 for Drew, Eaton, and Howard, respectively. Partner Drew's share of net income is $ Justification