At the end of its first year of operations on December 31, 2022, Crane Companys accounts show the following. Partner Drawings Capital Art Niensted $18,860 $39,360 Greg Bolen 11,228 24,600 Krista Sayler 8,200 20,500 The capital balance represents each partners initial capital investment. Therefore, net income or net loss for 2022 has not been closed to the partners capital accounts. (a) 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 $24,600. Income is shared 6:3:1. 2. Net income is $32,800. Niensted and Bolen are given salary allowances of $12,300 and $8,200, respectively. The remainder is shared equally. 3. Net income is $15,580. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $12,300 salary allowance. The remainder is shared equally. No. Account Titles and Explanation Debit Credit 1. select an account title to record the division of net income under the first assumption Income Summary enter a debit amount enter a credit amount select an account title to record the division of net income under the first assumption A. Niensted, Capital enter a debit amount enter a credit amount select an account title to record the division of net income under the first assumption G. Bolen, Capital enter a debit amount enter a credit amount select an account title to record the division of net income under the first assumption K. Sayler, Capital enter a debit amount enter a credit amount 2. select an account title to record the division of net income under the second assumption enter a debit amount enter a credit amount select an account title to record the division of net income under the second assumption enter a debit amount enter a credit amount select an account title to record the division of net income under the second assumption enter a debit amount enter a credit amount select an account title to record the division of net income under the second assumption enter a debit amount enter a credit amount 3. select an account title to record the division of net income under the third assumption enter a debit amount enter a credit amount select an account title to record the division of net income under the third assumption enter a debit amount enter a credit amount select an account title to record the division of net income under the third assumption enter a debit amount enter a credit amount select an account title to record the division of net income under the third assumption enter a debit amount enter a credit amount eTextbook and Media Last saved 2 days ago. Attempts: 0 of 5 used (b) 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).) DIVISION OF NET INCOME Art Niensted Greg Bolen Krista Sayler Total Salary allowance $enter a dollar amount enter a dollar amount enter a dollar amount $enter a dollar amount Interest allowance on capital enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount Total salaries and interest enter a total of the two previous amounts enter a total of the two previous amounts enter a total of the two previous amounts enter a total of the two previous amounts Remaining excess/ deficiency enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount Total division of net income $enter a total amount $enter a total amount $enter a total amount