Ramer and Knox began a partnership by investing $68,000 and $98,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $54,000 to Ramer and $43,200 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 $106,800. 2. Determine each partner's share given a first-year net loss of $24,800.

Allocation of Partnership Income
	Ramer	Knox	Total
Net Income (loss)			$106,800
Salary allowances
Balance of income (loss)
Interest allowances
Balance of income (loss)
Balance allocated equally
Balance of income (loss)
Shares of the partners