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please help requirement 1 and 2 Pederson and Walter have formed a partnership. During their first year of operations, the partnership eamed $160,000 Their-profit-and-loss-sharing agreement

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Pederson and Walter have formed a partnership. During their first year of operations, the partnership eamed $160,000 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 $15,000 to Pederson and $12,000 to Walter. The remainder then will be shared 2:3 between Pederson and Walter, respectively, Read the requirements - X Requirements Require assumin amounts feement oxes For 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 Walter's capital balance is $91,000. 2. Journalize the entry to close the Income Summary account for the year. Net ind covery Read the requirements ... assuming Pederson's capital balance is $91,000 and Walter's capital balance is $91,000. (Complete all answer amounts that are $0, make sure to enter "0" in the appropriate column.) Pederson Walter Total TO Net income (loss) Capital allocation: Pederson Walter TI TO Salary allowance: Pederson Walter Total salary and capital allocation Net income (loss) remaining for allocation Share of remainder: Pederson Walter Total allocation

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