QUESTION 1 (15 POINTS) Smith, Jones and Sanders have capital balances of $ 25,000, $ 35,000 and $40,000, respectively. The partners share profits and losses as follows The first $ 15,000 is divided based on the partners' capital balances at interest rate of 15%. The next $45,000 is based on services, shared equally by Smith and Sanders. Jones does not receive a salary allowance. The remainder is divided equally a. b. c. REQUIREMENTS 1. Compute each partners' share of the $90,000 net income for the year. 2. Journalize the closing entry to allocate net income for the year