Ramer and Knox began a partnership by investing $$74,000$ and $$104,000,$ respectively. The partners agreed to share net income and loss by giving annual salary allowances of $$57,000$ to Ramer and $$45,600$ to Knox, $12\%$ 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 $$112,800.$

Determine each partner's share given a first$-$year net loss of $$30,800.$

Allocation of Partnership Income

Ramer Knox Total

Net Income $($loss$)$ $$112,800$

Salary allowances $$57,000$ $$45,600102,600$

Balance of income $($loss$)$

Interest allowances $8,88012,48021,360$

Balance of income $($loss$)$

Balance allocated equally

Balance of income $($loss$)$

Shares of the partners