Elijah Samuels and Tony Winslow agreed to form a partnership. Samuels contributed $200,000 in cash, and Winslow contributed assets with a fair market value of $400,000. The partnership, in its initial year, reported net income of $120,000. Calculate the distribution of the first year’s income to the partners under each of the following conditions:
1. Samuels and Winslow failed to include stated ratios in the partnership agreement.
2. Samuels and Winslow agreed to share income and losses in a 3:2 ratio.
3. Samuels and Winslow agreed to share income and losses in the ratio of their original investments.
4. Samuels and Winslow agreed to share income and losses by allowing 10 percent interest on original investments and sharing any remainder equally.