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.

$3.$ 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 capital investments, and the remaining balance shared equally. Net income is $$160,000.$