The PQ partnership has the following plan for the distribution of partnership net income (loss):

	P	Q
Salaries	$ 80,000	$ 100,000
Bonus on net income	6%	12%
Interest on average capital balances	7%	7%
Remainder (if positive)	60%	40%
Remainder (if negative)	50%	50%

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.