Polacco and Walsh hove formed a partnership. During theit first year of operations, the partnership carned $140,000. Their-profit-and-los5-sharing agreement states that, lirst, each parter will receive 10% of their capital balances. The second level is based on services, with $25,000 to Polacco and $15,000 to Walsh. The remainder then will be shared 4:1 between Polacco and Walsh, respectively. Read the reguirements Requirement 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Polacco's capital balance is Requirement 1. Calculate the amount ot income each partner wilt receive under their profit-and-loss-sharing agreentent asstime $78.000 and Walsh's capital balance is $78,000. (Complete all answer boxes. For amounts that are $0, make sure to enter "O" in the appropriate column.) Requirements 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Polacco's capital balance is $78,000 and Walsh's capital balance is $78,000. 2. Journalize the entry to close the Income Summary account for the year