4 Exercise 12-6 Income allocation in a partnership LO P2 0.66 points Ramer and Knox began a partnership by investing $80,000 and $110,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $60,000 to Ramer and $48,000 to Knox, 12% 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 $118,800. 2. Determine each partner's share given a first-year net loss of $36,800. eBook Hint Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 DO Determine each partner's share given a first-year net income of $118,800. References Total 118,800 $ Allocation of Partnership Income Ramer Knox Net Income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners Required 1 Required 2 Determine each partner's share given a first-year net loss of $36,800. Total $ (36,800) Allocation of Partnership Income Ramer Knox Net Income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners