Patterson and Wrester have formed a partnership During their first year of operations, the partnership camed $100.000. Their profe-and-loss-sharing agreement states that first each partner will receive 25% of the capital balances. The second level is based on services with $20,000 to Patterson and 525,000 to Wester. The remainder then will be shared 32 between Patterson and Wester, respectively Read the requirements Requirement 1. Calculate the amount of income each partner will receive under the profit and loss-sharing weement assuming Patterson's capital balance is $95.000 and Wester's capital lance las 595,000. (Complete all answer boxes For amounts that are 50, make sure to enter in the appropriate column) Patterson Wester Not income Capital allocation Patterson Wrest Salary allowance Patterson Wrester Total dat Peamed $100,0 balances. The second level is based on services, with $20,000 to Patterson and $25,000 to Wrester. The remainder 1 Read the requirements. Salary allowance: Patterson Wrester Total salary and capital allocation Net income (loss) remaining for allocation Share of remainder: Patterson Wrester 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 Answer Clear 1 part remaining Requirements 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Patterson's capital balance is $95,000 and Wrester's capital balance is $95.000. 2. Journalize the entry to close the Income Summary account for the year. Print Done