Bob and Jack have formed a partnership and contributed a capital of 150,000$ and 250,000$ respectively (Total capital 400,000$). During their first year of operations, the partnership earned 200,000$. Their profit and loss sharing agreement states that the first 100,000$ is divided based on the partners' capital balances and the remaining is based on services shared equally by Bob and Jack. (20 points). a. Compute each partner's share of the 200,000$ net income. b. Journalize the closing entry to allocate net income for the year.