Ramer and Knox began a partnership by investing $$60,000$ and $$90,000,$ respectively. The partners agreed to share net income and loss by giving annual salary allowances of $$50,000$ to Ramer and $$40,000$ to Knox, $10\%$ 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 $$98,800.$

Determine each partner's share given a first$-$year net loss of $$16,800.$

Complete this question by entering your answers in the tabs below.

Determine each partner's share given a first$-$year net income of $$98,800.$

$\backslash$table$[[$Allocation of Partnership Income,$],[$Net Income $($loss$),$Ramer,Knox,Total$],[$Salary allowances,,$$,98,800,],[$Balance of income $($loss$),,,],[$Interest allowances,,,$],[$Balance of income $($loss$),,,],[$Balance allocated equally,,,$],[$Balance of income $($loss$),,,],[$Shares of the partners,,,$]]$N