Daria and Farrah began a partnership by investing $64,000 and $58,000, respectively. During its first year, the partnership earned $175,000. Prepare calculations showing how the $175,000 income should be allocated to the partners under each of the following three separate plans for sharing income and loss:
(1) The partners failed to agree on a method to share income;
(2) The partners agreed to share income and loss in proportion to their initial investments (round amounts to the nearest dollar); and
(3) The partners agreed to share income by granting a $52,000 per year salary allowance to Daria, a $42,000 per year salary allowance to Farrah, 8% interest on their initial capital investments, and the remaining balance shared equally.