7 of 3 Required information 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 $88,000 and $132,000, respectively. Exercise 12-5 Part 2 Income allocation in a partnership LO P2 ok 2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $255,000. (Do not rou intermediate calculations.) Fraction to Allocate Ramer Ramer's Share of Income Fraction to Allocate Knox's Share of Knox Income Total Income Allocated $88,000/$220,000 $132,000/$220,000 0 ces