! Required information [The following information applies to the questions displayed below.] Ramer and Knox began a partnership by investing $74,000 and $111,000, respectively. During its first year, the partnership earned $220,000. Prepare calculations showing how the $220,000 income is allocated under each separate plan for sharing income and loss. 2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $220,000. (Do not round intermediate calculations.) Fraction to Allocate Ramer Ramer's Share of Income $75,000 $50,000/ $125,000 $50,000/ $75,000 $74,000/$185,00) $75,000/ Fraction to Allocate Knox's Share of Total Income Income Allocated Knox