Assume that the partners of Exercise 12-4 agreed to share net income and loss by granting annual salary
allowances of $52,000 to Daria and $42,000 to Farrah, 8% interest allowances on their investments, and
any remaining balance shared equally.
1. Determine the partners’ shares of Daria and Farrah given a first-year net income of $98,800.
2. Determine the partners’ shares of Daria and Farrah given a first-year net loss of $16,800.
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