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Required information [The following information applies to the questions displayed below] Ramer and Knox began a partnership by investing $56,000 and $84,000, respectively. During

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Required information [The following information applies to the questions displayed below] Ramer and Knox began a partnership by investing $56,000 and $84,000, respectively. During its first year, the partnership earned $175,000. Prepare calculations showing how the $175,000 income is allocated under each separate plan for sharing income and loss. 1. The partners did not agree on a plan, and therefore share income equally. Ramer Knox

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