Exercise 12-5 Income allocation in a partnership LO P2 The following information applies to the questions displayed below Kramer and Knox began a partnership by investing $63,000 and $72,000, respectively. During its first year, the partnership earned $190,000. Prepare calculations showing how the $190,000 income should be allocated to the partners under each of the following three separate plans for sharing income and loss: References Section Break Exercise 12-5 Income allocation in a partnership LO P2