Polasky and Wrester have formed a partnership. During their first year of operations, the partnership earned $160,000. 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 $20,000 to Polasky and $18,000 to Wrester. The remainder then will be shared 1:4 between Polasky and Wrester, respectively. 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Polasky's capital balance is $75,000 and Wrester's capital balance is $75,000. 2. Journalize the entry to close the Income Summary account for the year