David Fire and Chip Ice form a partnership investing $56000 and $112000 respecti

David Fire and Chip Ice form a partnership investing $56000 and $112000 respectively. Determine their shares of net income or net loss for each of the following situations:a. Net loss is $84000 and the partners have no written partnership agreement.b. Net income is $126000 and the partnership agreement states that the partners share profits and losses on the basis of their capital contributions.c. Net income is $138000. The first $84000 is shared on the basis of partner capital contributions. The next $42000 is based on partner service with Fire receiving 40% and Ice receiving 60%. The remainder is shared equally.