! Required information 13 Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Ramer and Knox began a partnership by investing $52,000 and $78,000, respectively. Exercise 12-5 Part 3 Income allocation in a partnership LO P2 3. The partners agreed to share income by giving a $51,000 per year salary allowance to Ramer, a $41,000 per year salary allowance to Knox, 10% interest on their initial capital investments, and the remaining balance shared equally. Net income is $165,000. (Enter all allowances as positive values. Enter losses as negative values.) Net Income Salary allowances ences Interest allowances Total salary and interest Balance of income Balance allocated equally Ramer Total $ 165,000 51,000 $ 41,000 92,000 0 Balance of income Shares of the partners $ 51,000 $ 41,000 0