Required information [The following information opplies to the questions disployed bolow] Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively Durng its first yeat, the partnership earned $160,000 Prepore calculations showing how the $160,000 income is allocated under each seporate plan for sharing income and loss 1. The partners did not agree on a plan, and therefore shate 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 yoar, the partnership earned $160,000 Preparo colculations 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 imvesting $60,000 and $90,000, respectively. During its first year, the portnership 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 imvestments, and the remaining balance shored equally Net income is $160,000 Note: Enter all allowances os positive values. Enter losses as negative values