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 $$58,000$ and $$87,000,$ respectively. During its first year, the partnership earned $$180,000.$ Prepare calculations showing how the $$180,000$ income is allocated under each separate plan for sharing income and loss.

Exercise $12-5($Algo$)$ Part $3$ Income allocation in a partnership LO P$2$

$3.$ The partners agreed to share income by giving a $$54,000$ per year salary allowance to Ramer, a $$44,000$ per year salary allowance to Knox, $10\%$ interest on their initial capital investments, and the remaining balance shared equally. Net income is $$180,000.$

Note: Enter all allowances as positive values. Enter losses as negative values.

$\backslash$table$[[,$Ramer,Knox,Total$],[$Net Income,,,$],[$Salary allowances,,,$0],[$Interest allowances,,,$0]]$