Armstrong, Martin, and Brook 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 Armstrong and Brook. Martin does not receive a salary allowance. c. The remainder is divided equally. Read the requirements. Net income (loss) remaining for allocation Remainder shared equally: Armstrong Martin Brook Total allocation 27,000 9,000 9,000 9,000 (27,000) Net income (loss) remaining for allocation $ 44,000 $ 24,000 $ 59,000 Net income (loss) allocated to the partners Requirements 1. Compute each partner's share of the $127,000 net income for the year. 2. Journalize the closing entry to allocate net income for the year. Print Done 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.) Date Accounts and Explanation Debit Credit