Adan, Milton, and Brown have capital balances of $22,000, $33,000, and $55,000, respectively. The partners share profits and losses as follows: a. The first $50,000 is divided based on the partners' capital balances. b. The next $50,000 is based on service, shared equally by Adan and Brown. Milton does not receive a salary allowance. c. The remainder is divided equally. Read the requirements. Capital allocation: Adan Milton Brown Salary allowance: Adan Milton Brown Total salary and capital allocation Net income (loss) remaining for allocation Remainder shared equally: Adan Milton Brown Total allocation Net income (loss) remaining for allocation Net income (loss) allocated to the partners Requirements 1. Compute each partner's share of the $118,000 net income for the year. 2. Journalize the closing entry to allocate net income for the year. Print Done