Assume that the partnership agreement of Samuels and Winslow in E 4 states that Samuels and Winslow are to receive salaries of $20,000 and $24,000, respectively; that Samuels is to receive 6 per cent interest on his capital balance at the beginning of the year; and that the remainder of income and losses are to be shared equally. Calculate the distribution of the income or losses under the following conditions:
1. Income totalled $120,000 before deductions for salaries and interest.
2. Income totalled $48,000 before deductions for salaries and interest.
3. There was a loss of $2,000.
4. There was a loss of $40,000.
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