Summers and Winters formed a partnership on January 1. Summers contributed $90,000 cash and equipment with a market value of $60,000. Winters' investment consisted of cash, $30,000; inventory, $20,000; and all at market values. Partnership net income for year 1 and year 2 was $75,000 and $120,000, respectively. 1.) Determine each partner's share of the net income for EACH year, assuming each of the following independent situations: a. Income is divided based on the partners' failure to sign an agreement b. Income is divided based on a 2:1 ratioc. Income is divided based on the ratio of the partners' original capital investments d. Income is divided based on the interest allowance of 12% on the original capital investments; salary allowance 2.) Prepare a journal entry to record the allocation of the year 1 income under alternative d. above.