Exercise 12-6 Income allocation in a partnership LO P2 Ramer and Knox began a partnership by investing $76,000 and $106,000, respectively. The partners agreed to share net Income and loss by giving annual salary allowances of $58,000 to Ramer and $46,400 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 $114,800. 2. Determine each partner's share given a first-year net loss of $32,800, Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each partner's share given a first-year net income of $114,800. Allocation of Partnership Income Ramer Knox Total Net Income (105) $ 114,800 Salary allowances 0 Balance of income (105) Interest allowances 0 Balance of income (1065) Balance allocated equally 0 Balance of income (los) Shares of the partners Required 2 >