K Payton and Wagman have formed a partnership. During their first year of operations, the partnership earned $120,000. Their-profit-and-loss-sharing agreement states that, first, each partner will receive 20% of their capital balances. The second level is based on services, with $8,000 to Payton and $25,000 to Wagman. The remainder then will be shared 3:2 between Payton and Wagman, respectively. Requirements 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Payton's capital balance is $92,000 and Wagman's capital balance is $92,000. 2. Journalize the entry to close the Income Summary account for the year. Wag - X Pederson and Wrester have formed a partnership. During their first year of operations, the partnership earned $130,000. 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 $20,000 to Pederson and $25,000 to Wrester. The remainder then will be shared 3:2 between Pederson and Wrester, respectively. 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Pederson's capital balance is $91,000 and Wrester's capital balance is $91,000. 2. Journalize the entry to close the Income Summary account for the year.