Phillip 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 12% of their capital balances. The second level is based on services, with $8,000 to Phillip and $14,000 to Wrester. The remainder then will be shared 1:1 between Phillip 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 Phillip's capital balance is $85,000 and Wrester's capital balance is $85,000. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.) Phillip Wrester Total Net income (loss) Capital allocation: Phillip Wrester Salary allowance: Phillip Wrester Total salary and capital allocation Net income (loss) remaining for allocation Share of remainder: Phillip Wrester Total allocation Total allocation Net income (loss) remaining for allocation Net income (loss) allocated to the partners