! Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Ramer and Knox began a partnership by investing $62,000 and $93,000, respectively. Exercise 12-5 Part 2 Income allocation in a partnership LO P2 2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $190,000. (Do not round intermediate calculations.) Answer is complete but not entirely correct. Fraction to Allocate Ramer Ramer's Share of Income Fraction to Allocate Knox Knox's Share of Income Total Income Allocated $62,000/$ 155,000 $ 62,000 X $93,000/$155,000 $ 128,000 X $ 190,000 Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Ramer and Knox began a partnership by investing $62,000 and $93,000, respectively. Exercise 12-5 Part 3 Income allocation in a partnership LO P2 3. The partners agreed to share income by giving a $56,000 per year salary allowance to Ramer, a $46,000 per year salary allowance to Knox, 10% interest on their initial capital investments, and the remaining balance shared equally. Net income is $190,000. (Enter all allowances as positive values. Enter losses as negative values.) Ramer Knox Total 0 Net Income Salary allowances Interest allowances Total salary and interest Balance of income Balance allocated equally Balance of income Shares of the partners 0 $ 0 $ 0