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 $88,000 and $132,000, respectively. Exercise 12-5 Part 3 Income allocation in a partnership LO P2 3. The partners agreed to share income by glving a $69,000 per year salary allowance to Ramer, a $43,000 per year salary allowance to Knox, 10% Interest on their initial capital investments, and the remaining balance shared equally. Net income is $255,000 (Enter all, allowances as positive values. Enter losses as negative values.) Ramer Knox $ Total $ 255,000 112,000 0 69,000 $ 43,000 Net Income Salary allowances Interest allowances Total salary and interest Balance of income Balance allocated equally Balance of income Shares of the partners 0 $ 69,000 $ 43,000