Assume that the Barnes and Ardmore partnership agreement provides for a two-third/one-third sharing of income but says nothing about losses. The first year of partnership operation resulted in a loss,...

Assume that the Barnes and Ardmore partnership

agreement provides for a two-third/one-third sharing of income

but says nothing about losses. The first year of partnership

operation resulted in a loss, and Barnes argues that

the loss should be shared equally because the partnership

agreement said nothing about sharing losses. Is Barnes

correct? Explain.