Exercise 126 (Algo) Income allocation in a partnership LO P2 Ramer and Knox began a partnership by investing $73,000 and $103,000, respectively. The partners agreed to share het income and loss by giving annual salary allowances of $56,500 to Ramer and $45,200 to Knox, 10% 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 $111,800. 2. Determine each partner's share given a first-year net los y of $29,800. Answer is not complete. Complete this question by entering your answers in the tabs below. Determine each partner's share oiven a first year net income of $111,800. Complete this question by entering your answers in the tabs below. Determine each partner's share given a first-year net income of $111,800. Complete this question by entering your answers in the tabs below. Determine each partner's share given a first-year net loss of $29,800