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 J. Woo 23,500 41,200 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 closed 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 1. Income Summary A. Lingyu, Capital J. Woo, Capital K. Cheng, Capital Debit Credit 29500 2. Income Summary 38900 3. A. Lingyu, Capital J. Woo, Capital K. Cheng, Capital Income Summary A. Lingyu, Capital J. Woo, Capital K. Cheng, Capital 18300 17700 8850 2950 19500 15000 4500