At the end of its first year of operations on December 31, 2020, Kobayashi Company's accounts show the following (amounts in thousands). Partner Drawings Capital A. Lingyu 23,500 41,200 J. Woo 13,900 40,000 K. Cheng 10,100 26,000 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2020 has not been clos to the partners' capital accounts. Journalize the entry to record the division of net income for the year 2020 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 29,500. Income is shared 6:3:1. 2. 3. Net income is 38,900. Lingyu and Woo are given salary allowances of 15,000 and 10,400, respectively. The remainder is shared equally. Net income is 18,300. Each partner is allowed interest of 10% on beginning capital balances. Lingyu is given a 13,880 salary allowance. The remainder is shared equally. No. Account Titles and Explanation NO Journal entry Accounts 1 Income summary Debit Credit 29,500 A.Lingyu capital 17,700 J.Woo capital 8,850 K.cheng capital 2,950 2 Income summary 38,900 A.Lingyu capital 19,500 J.Woo capital 14,900 K.cheng capital 4,500 3 Income summary 18,300 A.Lingyu capital 15900 J.Woo capital 1900 500 Debit Credit K.cheng capital 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).) A. Lingyu DIVISION OF NET INCOME J. Woo K. Cheng Total Salary allowance Interest allowance 4120 4000 2600 10720 on capital Total salaries 4120 4000 2600 10720 and interest Remaining excess/ 4393 4393 4393 13180 deficiency Total division of 14727 393 1793 2460 net income