Ramer and Knox began a partnership by investing $80,000 and

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Ramer and Knox began a partnership by investing $80,000 and $120,000, respectively. During its first year, the partnership earned $235,000. Prepare calculations showing how the $235,000 income is allocated under each separate plan for sharing income and loss.

The partners agreed to share income by giving a $65,000 per year salary allowance to Ramer, a $47,000 per year salary allowance to Knox, 10% interest on their initial capital investments, and the remaining balance shared equally. Net income is $235,000.

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