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At the end of its first year of operations on December 31, 2022, Sunland Company's accounts show the following Partner Drawings Capital Art Niensted $26,680 $55,680 11,704 34,800 Greg Bolen Krista Sayler 11.600 29.000 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2022 has not been closed to the partners capital accounts. (a) Journalize the entry to record the division of net income for the year 2022 under each of the following independent assumptions. (Credit occount tities are automatically indented when amount is entered. Do not indent manually.) 1 Net income is $34.800. Income is shared 6:3:1. 2 Net income is $46,400. Niensted and Bolen are given salary allowances of $17,400 and $11.600, respectively. The remainder is shared equally. 3 Net income is $22,040. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a 517,400 salary allowance. The remainder is shared equally. No. Account Titles and Explanation Debit Credit 10 Income Summary A Niensted. Capital G Bolen Capital K. Sayler, Capital 2 Income Summary A Niested Capital 6 Bolin Capital Soyle Capito Prepare a schedule showing the division of net income under assumption (3) above. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g.-15,000 or parenthesis eg. (15,000).) DIVISION OF NET INCOME Art Niensted Greg Bolen Krista Sayler Tot Salary allowance $ $ Interest allowance on capital Total salaries and interest Remaining excess/ deficiency Total division of net income $ $ $ $ e Textbook and Media Prepare a partners' capital statement for the year under assumption (3) above (List items that increase partners capital first.) SUNLAND COMPANY Partners Capital Statement Krista Sa Art Niensted Greg Bolen On December 31, the capital balances and income ratios in Ivanhoe Company are as follows. Partner Capital Balance Income Ratio Trayer $59.000 50% Emig 44.500 30% Posada 33.500 20% (a) Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Each of the continuing partners agrees to pay $16.400 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of Posada's equity. (2) Emig agrees to purchase Posada's ownership interest for $23,600 cash. (3) Posada is paid $37.580 from partnership assets, which includes a bonus to the retiring partner. Posada is paid $24.140 from partnership assets, and bonuses to the remaining partners are recognized. No. Account Titles and Explanation Debit Credit 1. V 2 3. If Emig's capital balance after Posada's withdrawal is $48,430, what were (1) the total bonus to the remaining partners and (2) the cash paid by the partnership to Posada? (1) Total bonus $ (2) Cash paid to Posada $ $