Barber and Atkins are partners in an accounting firm. Barber's beginning partnership capital balance for the current year is $285,000, and Atkins' beginning partnership capital balance for the current year is $370,000. The partnership had net income of $1, 050,000 for the year. The Partners agreed that Partnership Net income should as follows: a. Barber to receive a $60,000 annual salary allowance. Atkins to receive $55,000. b. They also agreed to allocate income/loss in proportion to their initial capital investment. c. Any remaining income or loss is to be divided equally. Required: Calculate each Partner's share of the Net Income. You may use the chart below. Prepare the Journal entry to transfer Partnership income from the IS account to the Partners