Plump and Warden 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 $22,000 to Plump and $10,000 to Warden. The remainder then will be shared 3.2 between Plump and Warden, 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 $85,000 and Warden's capital balance is $85,000. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.) Plump Warden Total Net income (loss) Capital allocation: Plump Warden Salary allowance: Plump Warden Total salary and capital allocation Net income (loss) remaining for allocation Share of remainder: Plump Warden Total allocation Net income (loss) remaining for allocation Net income (loss) allocated to the partners Requirements 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Plump's capital balance is $85,000 and Warden's capital balance is $85,000. 2. Journalize the entry to close the Income Summary account for the year. Print Done