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.

The partners agreed to share income by granting a $62,000 per year salary allowance to Ramer, a $44,000 per year salary allowance to Knox, 10% interest on their initial capital investments, and the remaining balance shared equally. Net income is $220,000. (Enter all allowances as positive values. Enter losses as negative values.)

Ramer	Knox	Total
Net Income
Salary allowances
Interest allowances
Total salary and interest
Balance of income
Balance allocated equally
Balance of income
Shares of the partners