16\ points\ Time Remaining 45 minutes 41 seconds00:45:41\ Item 2\ Time Remaining 45 minutes 41 seconds00:45:41\ Exercise 12-6 (Algo) Income allocation in a partnership LO P2\ Ramer and Knox began a partnership by investing $70,000 and $100,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $55,000 to Ramer and $44,000 to Knox, 12% interest allowances on their investments, and any remaining balance shared equally.\ \ Note: Enter all allowances as positive values. Enter losses as negative values.\ \ Required:\ Determine each partner's share given a first-year net income of $108,800.\ Determine each partner's share given a first-year net loss of $26,800.