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Armstrong, Moore, and Bryant have capital balances of $20,000, $30,000, and $50,000, 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 Bryant. Moore does not receive a salary allowance.

c. The remainder is divided equally

Requirements.

1: Compute each partner's share of the $118,000 net income for the year.

2: Journalize the closing entry to allocate net jncome for the year.

Armstrong, Moore, and Bryant have capital balances of $20,000 $30,000, and $50,000, respectively. The partners share profits and losses as follows: The first $50,000 is divided based on the partners capital balances . The next $50,000 is based on service, shared equally by Armstrong and Bryant. Modre does not receive a salary allowance c. The remainder is divided equally Read the regarements Armstrong Moore Bryant Total Net Income 101) 118.000 Capital allocation: Armstrong Moore Bryant Salary allowance Armstrong Moore Bryant Total salary and capital allocation Net income (los) remaining for location Romainder shared equally Armstrong Moore Bryant Total location Nel come to remaining for allocation Nincome to the partners Requirement 2. Journalize the closing entry to allocate net income for the year Record debts fest en credite Select the explanation on the last time of the jumenty Data Accounts and Explanation Debit Credit come Summary Amsteong Cat Moore, Bryant, Captai Todencome Summary count to portancat Choose from any or enter any number in the input fields and then continue to the next