Patterson and Waddel have formed a partnership. During their first year of operations, the partnership earned $150,000. Their-profit-and-loss-sharing agreement states that, first, each partner will receive 10% of their capital balances. The second level is based on services, with $22,000 to Patterson and $12,000 to Waddel. The remainder then will be shared 4:1 between Patterson and Waddel, respectively. Read the requirements. Requirement 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Patterson's capital balance is $92,000 and Waddel's capital balance is $92,000. (Complete all answer boxes. For amounts that are $0, make sure to enter "O" in the appropriate column.) Patterson Waddel Total Requirements Net income (loss) Capital allocation: Patterson Waddel 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Patterson's capital balance is $92,000 and Waddel's capital balance is $92,000. 2. Journalize the entry to close the Income Summary account for the year. Salary allowance: Patterson Waddel Print Done Total salary and capital allocation Net income (loss) remaining for allocation Share of remainder: Patterson Waddel Total allocation Patterson Waddel Total Net income (loss) Capital allocation: i Requirements Patterson Waddel Salary allowance: Patterson 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Patterson's capital balance is $92,000 and Waddel's capital balance is $92,000. 2. Journalize the entry to close the Income Summary account for the year. Waddel Total salary and capital allocation Net income (loss) remaining for allocation Share of remainder: Print Done Patterson Waddel Total allocation Net income (loss) remaining for allocation Net income (loss) allocated to the partners Enter any number in the edit fields and then click Check