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Anderson, Moore, and Bennet have capital balances of $24,000, $36,000, and $60,000, respectively. The partners share profits and losses as follows: a. The first

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Anderson, Moore, and Bennet have capital balances of $24,000, $36,000, and $60,000, respectively. The partners share profits and losses as follows: a. The first $30,000 is divided based on the partners' capital balances b. The next $30,000 is based on service, shared equally by Anderson and Bennet. Moore does not receive a salary allowance c. The remainder is divided equally. Read the requirements Requirement 1. Compute each partner's share of the $75,000 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: Anderson Moore Bennet Salary allowance: Anderson Moore Bennet Total salary and capital allocation Net income (loss) remaining for allocation Remainder shared equally: Anderson Moore Bennet Total allocation Net income (loss) remaining for allocation Net income (loss) allocated to the partners Anderson Moore Bennet Total Requirement 2. Journalize the closing entry to allocate net income for the year (Record debits first, then credits. Select t Date Accounts and Explanation Debit Credit

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