Pederson

and

Warden

have formed a partnership. During their first year of operations, the partnership earned

$80,000.

Their-profit-and-loss-sharing agreement states that, first, each partner will receive

1515%

of their capital balances. The second level is based on services, with

$8,000

to

Pederson

and

$12,000

to

Warden.

The remainder then will be shared

33:22

between

Pederson

and

Warden,

respectively.

Question Help Pederson and Warden have formed a partnership. During their first year of operations, the partnership earned $80,000. Their-profit-and-loss-sharing agreement states that, first, each partner will receive 15% of their capital balances. The second level is based on services, with $8,000 to Pederson and $12,000 to Warden. The remainder then will be shared 3:2 between Pederson and Warden, 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 $95,000 and Warden's capital balance is $95,000. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.) Pederson Warden Total Net income (loss) Capital allocation: Pederson Warden Salary allowance: Pederson Warden Total salary and capital allocation Net income (loss) remaining for allocation Share of remainder: Pederson Warden Total allocation Net income (loss) remaining for allocation Net income (loss) allocated to the partners Requirement 2. Journalize the entry to close the Income Summary account for the year. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit