[The following information applies to the questions displayed below.] Ramer and Knox began a partnership by investing $78,000 and $117,000, respectively. During its first year, the partnership earned $230,000. Prepare calculations showing how the $230,000 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 $230,000. Note: Do not round intermediate calculations. Fraction to Allocate Ramer Ramer's Share of Income Fraction to Allocate Knox's Share of Knox Income Total Income Allocated