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[The following information applies to the questions displayed below. Ramer and Knox began a partnership...

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[The following information applies to the questions displayed below. Ramer and Knox began a partnership by investing $78,000 and $117000, respectively. Exercise 12-5 Part 1 Income allocation in a partnership LO P2 During its first year, the partnership earned $230,000. Prepare calculations showing how the $230,000 income should be allocated to the partners under each of the following three separate plans for sharing income and loss: 1. The partners failed to agree on a method to share income Ramer Knox

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