Wally and Karen formed a partnership on January 1, 20XX. Their written partnership agreement stated that profits would be distributed in the same proportion as contributions, which were: Wally: $60,000; Karen: $40,000. There was no agreement as to how losses would be distributed. Which of the following is correct?
A. Both profits and losses will be distributed 50/50
B. Profits will be distributed 60/40; losses 50/50
C. Both profits and losses will be distributed 60/40
D. Both profits and losses will be distributed based on the amount of revenue each individual partner was responsible for in the ordinary course of business.