Adan, Montel, and Bell have capital balances of $18000, $27000 , and $45000, respectively. The partners share profits and losses as follows: a. The first $40000 is divided based on the partners' capital balances. b. The next $40000 is based on service, shared equally by Adan and Bell. Montel does not receive a salary allowance. c. The remainder is divided equally. Requirement 1. Compute each partner's share of the $95000 net income for the year. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.)

Adan, Montel, and Bell have capital balances of $18,000,$27,000, and $45,000, respectively. The partners share profits and losses as follows: a. The first $40,000 is divided based on the partners' capital balances. b. The next $40,000 is based on service, shared equally by Adan and Bell. Montel does not receive a salary allowance. c. The remainder is divided equally. Read the requirements. Requirement 1. Compute each partner's share of the $95,000 net income for the year. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.) Requirements 1. Compute each partner's share of the $95,000 net income for the year. 2. Journalize the closing entry to allocate net income for the year. Adan, Montel, and Bell have capital balances of $18,000,$27,000, and $45,000, respectively. The partners share profits and losses as follows: a. The first $40,000 is divided based on the partners' capital balances. b. The next $40,000 is based on service, shared equally by Adan and Bell. Montel does not receive a salary allowance. c. The remainder is divided equally. Read the Requirement 1. Compute each partner's share of the $95,000 net income for the year. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.)