Part 1 of 2 Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below) Ramer and Knox began a partnership by investing $84,000 and $126,000, respectively. points Exercise 12-5 Part 3 Income allocation in a partnership LO P2 eBook 3. The partners agreed to share income by granting a $67,000 per year salary allowance to Ramer, a $41,000 per year salary allowance to Knox, 15% interest on their initial capital investments, and the remaining balance shared equally. Net income is $245,000. (Enter all allowances as positive values. Enter losses as negative values.) Hint Ramer Knox References Total Net Income Salary allowances Interest allowances Total salary and interest Balance of income Balance allocated equally Balance of income Shares of the partners Prev 1 2 of 5 Next >