Ramer and Knox began a partnership by investing $62,000 and $92,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $51,000 to Ramer and $40,800 to Knox, 10% interest allowances to their investments, and any remaining balance shared equally. (Enter all allowances as postive values. Enter Losses as negative values)

Required:

1. Determine each partners share given a first-year net income of $100,800

2. Determine each partners share given a first-year net loss of $18,800

Required 1 Required 2 Determine each partner's share given a first-year net income of $100,800. Total 100,800 $ Allocation of Partnership Income Ramer Knox Net Income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners Required 2 > Required 1 Required 2 Determine each partner's share given a first-year net loss of $18,800. " Total (18,800) $ Allocation of Partnership Income Ramer Knox Net Income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners