Armstrong, Macer, and Baker have capital balances of $22,000,$33,000, and $55,000, respectively. The partners share...
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Armstrong, Macer, and Baker have capital balances of $22,000,$33,000, and $55,000, respectively. The partners share profits and losses as follows: a. The first $40,000 is divided based on the partners' capital balances. b. The next $40,000 is based on service, shared equally by Armstrong and Baker. Macer does not receive a salary allowance. c. The remainder is divided equally. Read the reguirements. Requirement 1. Compute each partner's share of the $98,000 net income for the year. (Complete all answer boxes. For amounts that are \$0, make sure to enter " 0 in the appropriate column.) Armstrong Macer Baker Total salary and capital allocation Net income (loss) remaining for allocation Remainder shared equally: Armstrong Macer Baker Total allocation Net income (loss) remaining for allocation Net income (loss) allocated to the partners Requirements 1. Compute each partner's share of the $98,000 net income for the year. 2. Journalize the closing entry to allocate net income for the year
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