Plump and Walter 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 5% of their capital balances. The second level is based on services, with $12,000 to Plump and $10,000 to Walter. The remainder then will be shared 4:1 between Plump and Walter, respectively. Read the requirements. Requirement 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Plump's capital balance is $98,000 and Walter's capital balance is $98,000. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.) Net income (loss) Capital allocation: Plump Walter Salary allowance: Plump Walter Total salary and capital allocation Net income (loss) remaining for allocation Share of remainder: Plump Walter Total allocation Net income (loss) remaining for allocation Net income (loss) allocated to the partners Plump Walter Total Requirements 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Plump's capital balance is $98,000 and Walter's capital balance is $98,000. 2. Journalize the entry to close the Income Summary account for the year. Print Done - X