At the end of its first year of operations on December 31, 2022, Crane Company's accounts show the following. Partner Drawings Capital Art Niensted $28,980 $60,480 Greg Bolen 11,844 37,800 Krista Sayler 12,600 31,500 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. Your answer is correct. Journalize the entry to record the division of net income for the year 2022 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. Net income is $37,800. Income is shared 6:3:1 2 Net income is $50,400. Niensted and Bolen are given salary allowances of $18,900 and $12,600, respectively. The remainder is shared equally. 3. Net income is $23,940. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $18,900 salary allowance. The remainder is shared equally. No. Account Titles and Explanation 1. Income Summary A. Niensted, Capital G. Bolen, Capital K. Sayler, Capital 2. Income Summary A. Niensted, Capital G. Bolen, Capital K. Sayler, Capital 3. Income Summary A. Niensted, Capital G. Bolen, Capital K. Sayler, Capital Debit 37800 50400 23940 Credit 22680 11340 3780 25200 18900 6300 22302 1134 504 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 e.g. (15,000).) Salary allowance Interest allowance on capital Total salaries and interest Remaining deficiency Total division of net income DIVISION OF NET INCOME Art Niensted Greg Bolen Krista Sayler Total Prepare a partners' capital statement for the year under assumption (3) above. (List items that increase partners capital first.) NBS COMPANY Partners' Capital Statement Art Niensted Greg Bolen Krista Sayler Total