Patchell and Wager 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 5% of their capital balances. The second level is based on services, with $16,000 to Patchell and $22,000 to Wager. The remainder then will be shared 3:2 between P atchell and Wager, respectively. Read the requirements. Patchell and Wager have formed a partnership. During their first year of operations, the pa Requirements 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Patchell's capital balance is $88,000 and Wager's capital balance is $88,000. 2. Journalize the entry to close the Income Summary account for the year. Patchell and Wager 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 5% of their capital balances. The second level is based on services, with $16,000 to Patchell and $22,000 to Wager. The remainder then will be shared 3:2 between Patchell and Wager, respectively. Read the requirements. Requirement 2. Journalize the entry to close the Income Summary account for the year. (Record debits first, then redits. Select the explanation on the last line of the journal entry table.)