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 $90,000 and $135,000, respectively. During its first year, the partnership earned $260,000. Prepare calculations showing how the $260,000 income is allocated under each separate plan for sharing income and loss. Exercise 12-5 (Algo) Part 2 Income allocation in a partnership LO P2 2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $260,000. Note: Do not round intermediate calculations