Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Ramer and Knox began a partnership by investing $56,000 and $84,000, respectively. Exercise 12-5 Part 1 Income allocation in a partnership LO P2 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. Answer is complete but not entirely correct. Ramer $ 175,000 0 X Knox