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. 1. The partners did not agree on a plan, and therefore share income equally. 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 camed $160,000. Prepare calculations showing how the $160,000 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 $160,000. Note: Do not round intermediate calculations. 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 parthers agreed to share income by giving a $50,000 per year salary allowance to Ramer, a $40,000 per year salaty allowance to Knox, 10% interest on their initial capital investments, and the remaining balance shared equally. Net income is $160,000. Note: Enter all allowances as positive values. Enter losses as negative values