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Required information (The following information applies to the questions displayed below.) Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. During its first year, the partnership earned $160,000. Prepare calculations showing how the $160,000 Income is allocated under each separate plan for sharing income and loss. 1. The partners did not agree on a plan, and therefore share income equally, Ramer Knox ! Required information [The following information applies to the questions displayed below.) Ramer and Knox began a partnership by Investing $60,000 and $90,000, respectively. During its first year, the partnership earned $160,000. Prepare calculations showing how the $160,000 income is allocated under each separate plan for sharing income and loss 2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $160,000. (Do not round intermediate calculations.) Fraction to Allocate Ramer Ramer's Share Fraction to Allocate Knox's Share of Total income of Income Knox Income Allocated Required information (The following information applies to the questions displayed below) Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. During its first year, the partnership earned $160,000. Prepare calculations showing how the $160,000 income is allocated under each separate plan for sharing income and loss of 3 3. The partners agreed to share income by giving a $50,000 per year salary allowance to Romer, a $40,000 per year salary, allowance to Knox, 10% interest on their initial capital investments, and the remaining balance shared equally, Net income is $160,000 (Enter all allowances as positive values. Enter losses as negative values.) DO:19-01 Ramer Knox Total Net Income Salary allowances Interest allowances Total salary and interest Balance of income Balance allocated equally Balance of income Shares of the partners