* Allen, Mackey, and Bell 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 Allen and Bell. Mackey does not receive a salary allowance c. The remainder is divided equally. Read the requirements Requirement 1. Compute each partner's share of the $115,000 net income for the year. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column) Net income (loss) Capital allocation: Allen Mackey Bell Salary allowance: Alen Mackey Bel Total salary and capital allocation Net income (loss) remaining for allocation Remainder shared equally Allen Allen Mackey Bell Total Allen, Mackey, and Bell have capital balances of $22,000, $33,000, and $55,000, respectively. The partners share profits and losses as 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 Allen and Bell. Mackey does not receive a salary allowance. c. The remainder is divided equally. Read the requirements. Bell Total salary and capital allocation Net income (loss) remaining for allocation Remainder shared equally: Allen Mackey Bell Total allocation. Net income (loss) remaining for allocation Net income (loss) allocated to the partners Requirement 2. Journalize the closing entry to allocate net income for the year. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Date Debit Credit Time limit 01-30-00