Phillip and Waddel have formed a partnership. During their first year of operations, the partnership earned $130,000. Their-profit-and-loss-sharing agreement states that, first, each partner will receive 25% of their capital balances. The second level is based on services, with $10,000 to Phillip and $25,000 to Waddel. The remainder then will be shared 3:2 between Phillip and Waddel, respectively. Read the requirements Requirement 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Phillip's capital balance is $92,000 and Waddel's capital balance is $92,000. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.) Phillip Waddel Total Net income (loss) Requirements Capital allocation: Phillip 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Phillip's capital balance is $92,000 and Waddel's capital balance is $92,000. Waddel Salary allowance: 2. Journalize the entry to close the Income Summary account for the year. Phillip Waddel Print Done Total salary and capital allocation Net income (loss) remaining for allocation Share of remainder: Phillip Waddel Total allocation Net income (loss) remaining for allocation Net income (loss) allocated to the partners