Ramer and Knox began a partnership by investing $80,000 and $110,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $60,000 to Ramer and $48,000 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: 1. Determine each partner's share given a first-year net income of $118,800. 2. Determine each partner's share given a first-year net loss of $36,800. Complete this question by entering your answers in the tabs below. Determine each partner's share given a first-year net income of $118,800. Ramer and Knox began a partnership by investing $80,000 and $110,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $60,000 to Ramer and $48,000 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: 1. Determine each partner's share given a first-year net income of $118,800. 2. Determine each partner's share given a first-year net loss of $36,800. Complete this question by 9 your answers in the tabs below. Determine each partner's share given a first-year net loss of $36,800