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. (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. Answer is complete but not entirely correct. 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 loss of $36,800. Allocation of Partnership Income Ramer Knox Total Net Income (loss) $ (36,800) Salary allowances $ 60,000 $ 48,000 108,000 Balance of income (loss) (71,200) X Interest allowances 9,600 13,200 22,800 Balance of income (loss) (94,000) X Balance allocated equally (47,000) X (47,000) X (94,000) Balance of income (loss) $ 0 Shares of the partners $ 22,600 $ 14,200 x