a Adier, Murphy, and Bailey have capital balances of $20,000, $30,000, and $50,000, respectively. The partners share profits and losses as follows: The first $40,000 is divided based on the partners capital balances b. The next $40,000 is based on service, shared equally by Adler and Balley. Murphy does not receive a salary allowance . The remainder is divided equally Read the requirements Requirement 1. Compute each partner's share of the $107.000 net income for the year. (Complete all answer bones. For amounts that are so make sure to enter *o* in the appropriate Adler Murphy Bailey Total Net income Capital allocation: Adler Murphy Baloy Salary allowance: Adier Murphy Barley Total salary and capital allocation Not incor (ous remaining for location Remainder shared equally Adior Murphy Il a. Adler, Murphy, and Bailey have capital balances of $20,000, $30,000, and $50,000, respectively. The partners share profits and losse The first $40,000 is divided based on the partners' capital balances. b. The next $40,000 is based on service, shared equally by Adler and Bailey. Murphy does not receive a salary allowance. C. The remainder is divided equally. Read the requirements Net income (loss) Capital allocation: Adler Murphy Bailey Salary allowance: Adler Murphy Bailey Total salary and capital allocation Net income (loss) remaining for allocation Remainder shared equally: Adler Murphy Bailey Total allocation TOI II Net income (loss) remaining for allocation Net income (loss) allocated to the partners X i Requirements 1. Compute each partner's share of the $107,000 net income for the year. 2. Journalize the closing entry to allocate net income for the year. Print Done