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 $88,000 and $132,000, respectively. Exercise 12-5 Part 1 Income allocation in a partnership LO P2 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. 1. The partners did not agree on a plan, and therefore share Income equally