This Question: 5 pts 18 of 34 (0 complete) This Test: 100 pts possible Question Help 8. Stanley. Hank, and Charlie have capital balances of $26,000, $48,000, and $76,000. The partners share profit as 1:1:3, respectively. The partnership had net income of $150,000 for the year. Journalize the closing entry to allocate the net income. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31