Anderson, Macer, and Bell have capital balances of $22,000, $33,000, and $55,000, respectively. The partners share profits and losses as follows:
a. The first $50,000 is divided based on the partners' capital balances.
b. The next $50,000 is based on services, shared equally by Anderson and Bell. Macer does not receive a salary allowance.
c. The remainder is divided equally.
Requirements
1. Compute each partner's share of the $112,000 net income for the year.
2. Journalize the closing entry to allocate net income for the year?