Pederson and Waddel have ormed a partnership. During their rst year o operations, the partnership earned $130,000. Their profit-and-loss sharing agreement states that first, each partner will receve 10% of their capital balances. The second level is based on services, with $15,000 to Pederson and $16,000 to Waddel. The remainder then will be shared 1:1 between Pederson and Waddel, respectively. Read the requirements. Pederson Waddel Total Net income (loss) Capital allocation Pederson Waddel Requirements Salary allowance: Pederson Waddel 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Pederson's capital balance is $98,000 and Waddel's capital balance is $98,000 Total salary and capital allocation Net income (loss) remaining for allocation Share of remainder: 2. Journalize the entry to close the Income Summary account for the year. Pederson PrintDone 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