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 10% of their capital balances. The second level is based on services, with $22,000 to Payton and $14,000 to Wagman. The remainder then will be shared 3.2 between Payton and Wagman, respectively. Read the requirements Requirement 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Payton's capital balance is 591,000 and Wagman's capital balance is $91,000. (Complete all answer boxes. For amounts that are $0, make sure to enter "O" in the appropriate column.) Payton Wagman Total Net income (loss) Capital allocation: Payton Wagman Salary allowance: Payton Wagman Total salary and capital allocation Net income (loss) remaining for allocation Share of remainder: Payton Wagman Total allocation Requirements 1. Calculate the amount of income each partner will receive under their t-and-loss-sharing agreement assuming Payton's capital balance is $91,000 and Wagman's capital balance is $91,000. 2. Journalize the entry to close the Income Summary account for the year. profit-a Net income (Loss) remaining for allocation Net income (Loss) allocated to the partners Print Done