At the end of its first year of operations on December 31, 2022, Cullumber Company's accounts show the following. Partner Drawings Capital Art Niensted $29,440 $61,440 Greg Bolen 11,872 38,400 Krista Sayler 12,800 32,000 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.