Ramer and Knox began a partnership by investing $61,000 and $91,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $50,500 to Ramer and $40,400 to Knox, 12% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $99,800. 2. Determine each partner's share given a first-year net loss of $17,800.

Ramer and Knox began a partnership by investing $61,000 and $91,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $50,500 to Ramer and $40,400 to Knox, 12% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $99,800. 2. Determine each partner's share given a first-year net loss of $17,800