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Exercise 12-6 (Algo) Income allocation in a partnership LO P2 Ramer and Knox began a...

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Accounting

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Exercise 12-6 (Algo) Income allocation in a partnership LO P2 Ramer and Knox began a partnership by investing $75,000 and $105,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $57,500 to Ramer and $46,000 to Knox,10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $113,800. 2. Determine each partner's share given a first-year net loss of $31,800. Answer is not complete. Complete this question by entering your answers in the tabs below. Determine each partner's share given a first-year net loss of $31,800

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