[The following information applies to the questions displayed below.] Ramer and Knox began a partnership by investing
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Question:
[The following information applies to the questions displayed below.]
Ramer and Knox began a partnership by investing $78,000 and $117,000, respectively.
3.The partners agreed to share income by giving a $64,000 per year salary allowance to Ramer, a $46,000 per year salary allowance to Knox, 10% interest on their initial capital investments, and the remaining balance shared equally. Net income is $230,000.
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