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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. 2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $160,000, (Do not round Intermediate calcutations.) 3. The partners agreed to share income by giving a $50,000 per year salary allowance to Ramer, a $40,000 per year salary allowance to Knox, 10% interest on their initial capltal investments, and the remaining balance shared equaliy. Net income is $160,000. (Enter all allowances as posltive values. Enter losses as negative values.)