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. (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 $117,800 2. 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. Required 1 Required 2 Determine each partner's share given a first year net income of $117,800 Allocation of Partnership income Ramer Knox Total $ 117.800 107.100 s 59.500 $ 47600 Net Income foss) Salary allowances Balance of income (los) Interest alles Balance of womess) Balance allocated equally Balance of income) Shares of the partners 7.900 10.900 18.800 (4 050) 14.050) (15 100) 3.100 5 ES 14.050 142 Required 2 >