7 Required information [The following information applies to the questions displayed below Part 3 of 4 Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively points 3. The partners agreed to share income by granting a $55,000 per year salary allowance to Ramer, a $45,000 per year salary allowance to Knox, 15 % interest on their initial capital investments, and the remaining balance shared equally. Net income is $185,000. (Enter all allowances as positive values. Enter losses as negative values.) x Answer is complete but not entirely correct. Ramer nox Total Net Income $ 185,000 45,000 6.750 x Salary allowances 55.000 100.000 Interest allowances 8,250 x 15,000 Total salary and interest 115.000 Balance of income 100,000 x Balance allocated equally Balance of income 50,000 x 50,000 100.000 0 Shares of the partners S 113.250 S 101.750 Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively Part 4 of 4 The partners agreed to share net income and loss by granting annual salary allowances of $55,000 to Ramer and $45,000 to Knox, 15% interest allowances on their investments, and any remaining balance shared equally (Enter all allowances as positive values. Enter losses as negative values.) 5 Required: 20. Determine the partners' shares of Ramer and Knox given a first-year net income of $103,800. 2b. Determine the partners' shares of Ramer and Knox given a first-year net loss of $21,800. polnts Skipped Complete this question by entering your answers in the tabs below. eBook Hint Req 2A Req 2B References Determine the partners' shares of Ramer and Knox given a first-year net income of $103,800. Allocation of Partnership Income Ramer Knox Total Net Income (loss) 103,800 0 Salary allowances Balance of income (loss) Interest allowances 0 Balance of income (loss) Balance allocated equally 0 Balance of income (loss) Shares of the partners Reg 2B> 0 Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively The partners agreed to share net income and loss by granting annual salary allowances of $55,000 to Ramer and $45,000 to Knox, 15% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as Pert 4 of 4 negative values.) 5 Required: 2a. Determine the partners' shares of Ramer and Knox given a first-year net income of $103,800. 2b. Determine the partners' shares of Ramer and Knox given a first-year net loss of $21,800. polnts Skipped Complete this question by entering your answers in the tabs below. eBook Hint Reg 2A Req 2B References Determine the partners shares of Ramer and Knox given a first-year net loss of $21,800. Allocation of Partnership Income Ramer Knox Total Net Income (loss) $ (21.800) Salary allowances Balance of income (loss) Interest allowances 0 Balance of income (loss) Balance allocated equally 0 Balance of income (loss) Shares of the partners Req 2A