5 Check m Use the following information for the Exercises below. [The following information applies to the questions displayed below] Ramer and Knox began a partnership by investing $86,000 and $129,000, respectively Pert 4 of 4 Exercise 12-6 Income allocation in a partnership LO P2 1.9 polnts The partners agreed to share net income and loss by granting annual salary allowances of $68,000 to Ramer and $42,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equal y Enter all all Enter losses as negative values.) 022603 nces es positive e es Required: 20. Determine the partners' shares of Ramer and Knox given a first year net income of $116,800 eBook 2b. Determine the partners' shares of Ramer and Knox given a first-year net loss of $34.800 Hint Complete this question by entering your answers in the tabs below Print Req 2A Req 2B Determine the partners' shares of Ramer and Knox given a first-year net i ncome of $116,800. Allocation of Partnership Income RamerKnox Tot S 116,800 110,000 6,800 21,500 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 $68,000$ 42,000 G.0 12.502150 8,600 Mc Graw