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Ramer and Knox began a partnership by investing $84,000 and $126,000, respectively. During its first year, the partnership earned $245,000. Prepare calculations showing how the

Ramer and Knox began a partnership by investing $84,000 and $126,000, respectively.

During its first year, the partnership earned $245,000. Prepare calculations showing how the $245,000 income should be allocated to the partners under each of the following three separate plans for sharing income and loss: 1. The partners failed to agree on a method to share income.

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