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! Required information [ The following information applies to the questions displayed below. ] Ramer and Knox began a partnership by investing $ 6 0

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Required information
[The following information applies to the questions displayed below.]
Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. During its first year, the partnership
earned $160,000. Prepare calculations showing how the $160,000 income is allocated under each separate plan for
sharing income and loss.
The partners agreed to share income and loss in proportion to their initial investments. Net income is $160,000.
Note: Do not round intermediate calculations.
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