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Ramer and Knox began a partnership by investing $72,000 and $102,000, respectively. The partners agreed...

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Accounting

Ramer and Knox began a partnership by investing $72,000 and $102,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $56,000 to Ramer and $44,800 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 $110,800. 2. Determine each partner's share given a first-year net loss of $28,800.

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