Patchell and Walter have formed a partnership. During their first year of operations, the parthership earmed $90,000. Their-proff-and-lass-sharing agreenent states that, first, each partner wit receive 25% of their capital balances. The second level is based on services, with $10,000 to Patchell and $14,000 to Walter. The remainder then wil be shared 1:1 between Patchel and Watter. respectively. Read the tequirements Requirements 1. Calculate the amount of income each partrer wal receive under geir prott-and-loss-sharing ogreement assuming Patchers capitar 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