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 $86,000 and $129,000, respectively. During its first year, the partnership earned $250,000. Prepare calculations showing how the $250,000 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. 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 $86,000 and $129,000, respectively. During its first year, the partnership earned $250,000. Prepare calculations showing how the $250,000 income is allocated under each separate plan for sharing income and loss. xercise 12-5 (Algo) Part 2 Income allocation in a partnership LO P2 The partners agreed to share income and loss in proportion to their initial investments. Net income is $250,000. lote: Do not round intermediate calculations. Exercise 12-5 (Algo) Part 3 Income allocation in a partnership LO P2 3. The partners agreed to share income by giving a $68,000 per year salary allowance to Ramer, a $42,000 per year salary allowance to Knox, 10% interest on their initial capital investments, and the remaining balance shared equally. Net income is $250,000. Note: Enter all allowances as positive values. Enter losses as negative values