Bill Ace and Dennis Bud are partners in AMPAC Company

Bill Ace and Dennis Bud are partners in AMPAC Company. Net income for the year ended March 31, 2014, is $120,000.
a. How much net income should be allocated to each partner assuming there is no partnership agreement?
b. Prepare the entry to allocate the net income.
c. Prepare the entry to allocate the $120,000 assuming it is a net loss.

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