Pederson and Walter have formed a partnership. During their first year of operations, the partnership earned $140,000. 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 $14,000 to Pederson and $18,000 to Walter. The remainder then will be shared 1:4 between Pederson and Walter, respectively. Read the requirements. Requirement 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Pederson's capital balance is $75,000 and Walter's capital balance is $75,000. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.) Net income (loss) Capital allocation: Pederson Walter Salary allowance: Pederson Walter Pederson Walter Total 140,000 39500 39500 14000 18000 Total salary and capital allocation 53500 57500 111000 Net income (loss) remaining for allocation Share of remainder: Pederson Walter Total allocation Net income (loss) remaining for allocation Net income (loss) allocated to the partners