Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Ramer and Knox began a partnership by investing $88,000 and $132,000, respectively. During its first year, the partnership earned $255,000. Prepare calculations showing how the $255,000 income is allocated under each separate plan for sharing income and loss. Exercise 12-5 (Algo) Part 1 Income allocation in a partnership LO P2 1. The partners did not agree on a plan, and therefore share income equally. Ramer Knox