Jensen and Stafford began a partnership to start a hardwood flooring installation business, by investing $160,000 and $200,000, respectively. They agreed to share profits/(losses) by providing yearly salary allowances of $150,000 to Jensen and $75,000 to Stafford, 20% interest allowances on their investments, and sharing the balance 3:2. Required: 1. Determine each partner's share if the first-year profit was $420,000. Share to Jensen Share to Stafford Total 0 $ 0 0 Total salaries and interest allocation Balance of profit $ 0 Remainder 3.2 ratio: O Balance of profit 0 $ 0 $ 0 Shares of each partner 2. Independent of (1), determine each partner's share if the first-year loss was $95,000. (Negative answers should be indicated by a minus sign.) Share to Jensen Share to Stafford Total $ 0 Total salaries and interest allocation o $ 0 S. 0 Balance of loss 0 Remainder 32 ratio: Balance of loss 0 $ $ 0 0 $ Shares of each partner