Ramer and Knox began a partnership by investing $60,000 and $90,000 respectively.

The partners agreed to share income by granting a $55,000 per year salary allowance to Ramer, a $45,000 to Knox, 15% interest allowances on their investments, and any remaining balance shared equally. ( Enter all allowances as positive values. Enter losses as negative values.)

Required:

2a. Determine the partners shares of Ramer and Knox given a first-year net income of $103,800.

2b. Determine the partners shares of Ramer and Knox given a first year net loss of 21,800.

Labs below. Req 2A Req 2B Determine the partners' shares of Ramer and Knox given a first-year net income of $103,800. Allocation of Partnership Income Ramer Total Knox Net Income (loss) 103,800 Salary allowances Balance of income (loss) 0 0 Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners Req 2B Req 2A Req 2B Determine the partrners' shares of Ramer and Knox given a first-year net loss of $21,800. Allocation of Partnership Income Ramer Knox Total Net Income (kloss) $ (21,800) Salary allowances Balance of income (loss) Interest allowances 0 Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners