M$1.$ Assignment Partnership Transactions $($i$)$

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$7$

$8\mathrm{.}5$ points

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Ramer and Knox began a partnership by investing $$77,000$ and $$107,000,$ respectively. The partners agreed to share net income and loss by giving annual salary allowances of $$58,500$ to Ramer and $$46,800$ to Knox, $12\%$ interest allowances on their investments, and any remaining balance shared equally.

Note: Enter all allowances as positive values. Enter losses as negative values.

Required:

Determine each partner's share given a first$-$year net income of $$115,800.$

Determine each partner's share given a first$-$year net loss of $$33,800.$

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Required $1$

Determine each partner's share given a first$-$year net income of $$115,800.$

$\backslash$table$[[$Alfocation of Partnership Income$],[,$Ramer,Knox,Total$],[$Net Income $($loss$),$$$,115,800],[$Salary allowances,$$,58,500,$$$,46,800,,105,300],[$Balance of income $($loss$),,10,500],[$Interest allowances,,$7,020,,5,616,,12,636],[$Balance of income $($loss$)],[$Balance allocated equally,,,,,,$0],[$Balance of income $($loss$),,],[$Shares of the partners,,,,,,$]]$