Adler, Moore, and Baker have capital balances of $$18,000,$$$27,000,$ and $$45,000,$ 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 Adler and Baker. Moore does not receive a salary allowance.

c$.$ The remainder is divided equally.

Net income $($loss$)$

Capital allocation:

Adler

Moore

Baker

Salary allowance:

Adler

Moore

Baker

Total salary and capital allocetion

Net income $($loss$)$ remaining for allocation

Remainder shared equally:

Adler

Moore

Baker

Total allocation

Net income $($loss$)$ remaining for allocation

Net income $($loss$)$ allocated to the partners

Requirements

Compute each partner's share of the $$118,000$ net income for the year.

Journalize the closing entry to allocate net income for the year.