Use the following information to answer these questions Taylor and Swift are partners in a business. Taylor's original capital investment was P400,000 and Swift's was. P600,000. They agree to share profits and losses as follows: Swift P180,000 10% 8% 2/5 Taylor P120,000 Annual salaries 10% Interest on original capital Bonus after annual salaries and interest Remaining profits or losses 3/5 Questions If income for the year was P800,000 what wil be the distribution of income to both partners? (2 pts) 1. If income for the year was P300,000, what will be the distribution of income to both partners? (2 pts) 2. If losses for the year were P800,000, what will be the distribution of losses to both partners? 3. (2 pts)