EF12-16 (similar to) Patterson and Waller have formed a partnership. During their first year of operations, the partnership earned $60,000. Their-profit-and-loss-sharing agreement states that, first, each partner will receive 15% of their capital balances. The second level is based on services, with $15,000 to Patterson and $14,000 to Walter. The remainder then will be shared 32 between Patterson and Water, respectively Read the requirements Net income (loss) Capital allocation Patterson Water Salary allowance 11.250 Patterson Walter Total 60,000 Requirements 11.250 Paterson 10,000 14,000 Water Total salary and capital allocation 26.250 26.250 51.500 8.500 Net income (oss) remaining for allocation 1. Calculate the amount of income each partner will receive under their proft-and-loss-sharing agreement assuming Patterson's capital balance is $75,000 and Water's capital balance is $75,000 2. Joumalize the entry to close the Income Summary account for the year Print Done Share of remainder Petterson Waller Total allocation Net income (os) remaining for wlocation Enter any number in the edit fields and then click Check Answer.