Ramer and Knox began a partnership by investing $88,000 and $132,000, respectively. During its first year, partnership earned $255,000. Prepare calculations showing how the $255,000 income is allocated under plan for sharing income and loss. Exercise 12-5 (Algo) Part 2 Income allocation in a partnership LO P2 2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $255,000 Note: Do not round intermediate calculations. Fraction to Allocate Ramer $125,000/ $50,000 $125,000/ $75,000 $132,000/$220,000 $50,000/$125,000 Ramer's Share Fraction to Allocate Knox's Share of Total Income of Income Knox Income Allocated

Ramer and Knox began a partnership by investing $88,000 and $132,000, respectively. During its first year, partnership earned $255,000. Prepare calculations showing how the $255,000 income is allocated under plan for sharing income and loss. Exercise 12-5 (Algo) Part 2 Income allocation in a partnership LO P2 2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $255,000 Note: Do not round intermediate calculations