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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 $56,000 and $84,000, respectively. Exercise 12-5 Part 3 Income allocation in a partnership LO P2 3. The partners agreed to share income by giving a $53,000 per year salary allowance to Ramer, a $43,000 per year salary allowance to Knox, 10% interest on their initial capital investments, and the remaining balance shared equally. Net income is $175,000. (Enter all allowances as positive values. Enter losses as negative values.) Answer is complete but not entirely correct. Ramer Knox Total 175,000 139,000 22,400 $ 43,000 X $ 96,000 X 8,400 x 14,000 X Net Income Salary allowances Interest allowances Total salary and interest Balance of income Balance allocated equally Balance of income Shares of the partners 161,400 65,000 32,500 32,500 0X $ 83,900 $ 110,000