Ramer and Knox began a partnership by investing $78,000 and $108,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $59,000 to Ramer and $47,200 to Knox, 10% 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 $116,800. 2. Determine each partner's share given a first-year net loss of $34,800. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each partner's share given a first-year net income of $116,800. Allocation of Partnership Income Net Income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss). Ramer Knox Total $ 116,800 < Prev 3 of 10 Next>