Adler, Milton, and Bryant have capital balances of $20,000, $30,000, and $50,000, respectively. The partners share profits

Question:

Adler, Milton, and Bryant have capital balances of $20,000, $30,000, and $50,000, respectively. The partners share profits and losses as follows:
a. The first $30,000 is divided based on the partners' capital balances.
b. The next $30,000 is based on services, shared equally by Adler and Bryant. Milton does not receive a salary allowance.
c. The remainder is divided equally.
Requirements
1. Compute each partner's share of the $72,000 net income for the year.
2. Journalize the closing entry to allocate net income for the year.