At the end of its first year of operations on December 31, 2020, Wildhorse Company's accounts show the following Partner Art Niensted Greg Bolen Krista Sayler Drawings $22,800 13,700 12.000 Capital $46,600 36,500 23,500 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2020 has not been closed to the partners' capital accounts. To record the division of net income for the year 2020 under each of the following independent sumptions. Net income is $28,000. Income is shared 6:3.1. Net income is $39,000. Niensted and Bolen are given salary allowances of $15.200 and $10,300, respectively. The remainder is shared equally. Net income is $18,700. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $14.040 salary allowance. The remainder is shared equally. 1. 2 3. (a) Prepare a schedule showing the division of net income under assumption (3) above of an amount reduces the account balance then enter with a negative sign preceding the number eg. -15,000 or parenthesis eg (15,0001) DIVISION OF NET INCOME Greg Bolen Art Niensted Krista Sayler $ Salary allowance Interest allowance on capital Total salaries and interest Remaining excess/ deficiency