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  3. ramer and knox began a partnership by investing 68000 and...

Question: ramer and knox began a partnership by investing 68000 and...

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Ramer and Knox began a partnership by investing $68,000 and $102,000, respectively.

3. The partners agreed to share income by granting a $59,000 per year salary allowance to Ramer, a $41,000 per year salary allowance to Knox, 15% interest on their initial capital investments, and the remaining balance shared equally. Net income is $205,000. (Enter all allowances as positive values. Enter losses as negative values.)

Knox Total Ramer Net Income Salary allowances Interest allowances Total salary and interest Balance of income Balance allocat

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