. The partners agreed to share income by granting a $70,000 per year salary allowance to Ramer, a $44,000 per year salary allowance to Knox, 8% interest on their initial capital investments, and the remaining balance shared equally. Net income is $260,000. (Enter all allowances as positive values. Enter losses as negative values.)

Required information

[The following information applies to the questions displayed below.] Ramer and Knox began a partnership by investing $90,000 and $135,000, respective

allowance to Knox, 8% interest on their initial capital investments, and the remaining balance shared equally. Net income is $.260,000 Enter all allowances as positive values. Enter losses as negative values.) Ramer Knox Total Net Income Salary allowances Interest allowances Total salary and interest 0 0 Balance of income Balance allocated equally Balance of income Shares of the partners