Phume and Witmam have formed a partnenshp. During their first year of coerafons, the partrenhip earned 5100,000 . The respectiving Aead the reduirements formed a partnership. During their first year of operations, the partnership eamed $100,000. The al balances. The second level is based on services, with $12,000 to Plump and $25,000 to Willma Ate the amount of income each nartner will receive under thair nrofit-and-'ossisharinn anreament ases Requirements 1. Calculate the amount of income each partner will receiye under their profit-and-loss-sharing agreement assuming Plump's capital balance is $88,000 and Willmann's capital balance is $88,000. 2. Journalize the entry to close the Income Summary account for the year