At the end of its first year of operations on December $31,2022,$ Ivanhoe Company's accounts show the following.

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.

$($a$)$

Your answer is partially 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.$)$

Net income is $$32,400.$ Income is shared $6$:$3$:$1.$

Net income is $$43,200.$ Niensted and Bolen are given salary allowances of $$16,200$ and $$10,800,$ respectively. The

remainder is shared equally.

Net income is $$20,520.$ Each partner is allowed interest of $10\%$ on beginning capital balances. Niensted is given a

$$16,200$ salary allowance. The remainder is shared equally.

No$.$ Account Titles and Explanation

Credit

$32400$

G$.$ Bolen, Capital

K$.$ Sayler, Capital

G$.$ Bolen, Capital

K Sayler, Capital

A$.$ Niensted, Capital

G$.$ Bolen, Capital

K$.$ Sayler. Capital