The PQ partnership has the following plan for the distribution of partnership net income (loss): Salaries Bonus on net income Interest on average capital balances Remainder (if positive) Remainder (if negative) P $80,000 $100,000 6% 12% 7% 7% 60% 40% 50% 50x Required: Calculate the distribution of partnership net income (loss) for each independent situation below (for each situation, assume the average capital balance of P is $140,000 and of Q is $240,000) 1. Partnership net income is $360,000 2. Partnership net income is $240,000 3. Partnership net loss is $40,000