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Ramer and Knox began a partnership by investing $88,000 and $132,000, respectively. During its first...

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Accounting

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Ramer and Knox began a partnership by investing $88,000 and $132,000, respectively. During its first year, the partnership earned $255,000 Prepare calculations showing how the $255,000 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 $69,000 per year salary allowance to Ramer, a $43,000 per year salary allowance to Knox, 10% interest on their initial capitai investments, and the remaining balance shared equally. Net income is $255,000 Note: Enter all allowances as positive values, Enter losses as negative values

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