Ramer and Knox began a partnership by investing $70,000 and $105,000, respectively. During its first year, the partnership earned $210,000. Prepare calculations showing how the $210,000 income is allocated under each separate plan for sharing income and loss. 3. The partners agreed to share income by giving a $60,000 per year salary allowance to Ramer, a $42,000 per year salary allowance to Knox, 8% Interest on their initial capital Investments, and the remaining balance shared equally. Net income is $210,000. (Enter all allowances as positive values. Enter losses as negative values.) Ramer Knox Total 0 0 Net Income Salary allowances Interest allowances Total salary and interest Balance of income Balance allocated equally Balance of income Shares of the partners 0 $ 05 0