Pederson and Wrester have formed a partnership. During their first year of operations, the partnership earned $60,000. Their-profit-and-loss-sharing agreement states that first, each partner will receive 20% of their capital balances. The second level is based on services, with $8,000 to Pederson and $10,000 to Wrester. The remainder then will be shared 1:1 between Pederson and Wrester, 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 $91,000 and Wrester's capital balance is $91,000. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.) Pederson Wrester Total f Requirements 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Pederson's capital balance is $91,000 and Wrester's capital balance is $91,000. 2. Journalize the entry to close the Income Summary account for the year. Net income (loss) Capital allocation: Pederson Wrester Salary allowance: Pederson Wrester Total salary and capital allocation Net income (loss) remaining for allocation Share of remainder: Pederson Wrester Total allocation Net income (loss) remaining for allocation Print Done Net income (loss) allocated to the partners