Ramer and Knox began a partnership by investing $$79,000$ and $$109,000,$ respectively. The partners agreed to share net income and loss by giving annual salary allowances of $$59,500$ to Ramer and $$47,600$ 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 $$117,800.$

Determine each partner's share given a first$-$year net loss of $$35,800.$

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

Determine each partner's share given a first$-$year net income of $$117,800.$

$\backslash$table$[[$Allocation of Partnership Income,$],[$Ramer$,$Knox,Total,$],[$Net Income $($loss$),,$$$117,800,],[$Salary allowances,,,$],[$Balance of income $($loss$),,,],[$Interest allowances,,,$],[$Balance of income $($loss$),,,],[$Balance allocated equally,,,$]]$