Leigh Meadows and Byron Leef formed a partnership in which the partnership agreement provided for salary allowances of $40,000 and $35,000, respectively. Determine the division of a $20,000 net loss...

Leigh Meadows and Byron Leef formed a partnership in which the partnership agreement provided for salary allowances of $40,000 and $35,000, respectively.

Determine the division of a $20,000 net loss for the current year, assuming remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies.