Ramer and Knox began a partnership by investing $$75,000$ and $$105,000,$ respectively. The partners agreed to share net income and loss by giving annual salary allowances of $$57,500$ to Ramer and $$46,000$ 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 $$113,800.$

Determine each partner's share given a first$-$year net loss of $$31,800.$

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

Required $1$

Determine each partner's share given a first$-$year net income of $$113,800.$

$\backslash$table$[[$Allocation of Partnership Income$],[,,$mer,,inox,Total$],[$Net Income $($loss$),,,,,$$$,113,800],[$Salary allowances,$$,57,500,$$$,46,000,,103,500],[$Balance of income $($loss$),,],[$Interest allowances,,$7,500,,10,500,,18,000],[$Balance of income $($loss$),,],[$Balance allocated equally,,,,$0],[$Balance of income $($loss$),,,,],[$Shares of the partners,,,,,,$]]$