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. 3. The partners agreed to share income by giving a $50,000 per year salary allowance to Ramer, a $40,000 per year salary allowance to Knox,10% interest on their initial capital investments, and the remaining balance shared equally. Net Income is $160,000. (Enter all allowances as positive values. Enter losses as negative values.) Ramer Knox Total 0 0 Net Income Salary allowances Interest allowances Total salary and interest Balance of income Balance allocated equally Balance of income Shares of the partners 0 0 $ 0