Exercise 12-6 Income allocation in a partnership LO P2 Romer and Knox began a partnership by investing $65.000 and $95.000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $52,500 to Ramer and $42.000 to Knox, 12% 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 $103.800. 2. Determine each partner's share given a first-year net loss of $21,800. Complete this question by entering your answers in the tabs below. Required: Required 2 Determine each partner's share given a first-year net income of $103,800, Allocation of Partnership Income Ramer Kn Total Not Income) $103.800 Salary slowances Balance of income oss) stalowances Balance of income (los) Balance alocated equally Balance of income (5) Shares of the partners Required 2 > Exercise 12-6 Income allocation in a partnership LO P2 Ramer and Knox began a partnership by investing $65.000 and $95.000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $52,500 to Ramer and $42,000 to Knox, 12% 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 $103,800 2. Determine each partner's share given a first-year net loss of $21,800. Complete this question by entering your answers in the tabs below. Required 1 Required Determine each partner's share given a first-year net loss of $21,800, Total $(21.300) Allocation of Partnership income Rame Knos Not Income Salary low Bwance of income Interest and Balance of income Bence located equally Balance of income) Shares of the partners