Recap and Chapter 12 i\ Saved\ Help\ Sove & Exit\ Submit\ 16\ Check my work\ Required information\ Use the following information for the Exercises below. (Algo)\ [The following information applies to the questions displayed below.]\ Ramer and Knox began a partnership by investing

$58,000

and

$87,000

, respectively. During its first year, the partnership earned

$180,000

. Prepare calculations showing how the

$180,000

income is allocated under each separate plan for sharing income and loss.\ eBook\ Print\ Exercise 12-5 (Algo) Part 3 Income allocation in a partnership LO P2\ References\ 3. The partners agreed to share income by giving a

$54,000

per year salary allowance to Ramer, a

$44,000

per year salary allowance to Knox,

10%

interest on their initial capital investments, and the remaining balance shared equally. Net income is

$180,000

. Note: Enter all allowances as positive values. Enter losses as negative values.\ Mc\ Graw\ Prev\ 16\ of 22\ Next

Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Ramer and Knox began a partnership by investing $58,000 and $87,000, respectively. During its first year, the partnership earned $180,000. Prepare calculations showing how the $180,000 income is allocated under each separate plan for sharing income and loss. Exercise 12-5 (Algo) Part 3 Income allocation in a partnership LO P2 3. The partners agreed to share income by giving a $54,000 per year salary allowance to Ramer, a $44,000 per year salary allowance to Knox, 10% interest on their initial capital investments, and the remaining balance shared equally. Net income is $180,000. Note: Enter all allowances as positive values. Enter losses as negative values