Required information Use the following information for the Exercises below. (Static) [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 Exercise 12.5 (Static) Part 2 Income allocation in a partnership LO P2 2. The partners agreed to share income and loss in proportion to their untial investments. Net income is $160,000. Note: Do not round intermediate calculations