At the end of its first year of operations on December 31, 2022, Pharoah Companys accounts show the following.

Partner		Drawings		Capital
Art Niensted		$25,760		$53,760
Greg Bolen		11,648		33,600
Krista Sayler		11,200		28,000

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.

Journalize the entry to record the division of net income for the year 2022 under each of the following independ (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. Net income is $33.600. Income is shared 6:3:1. 2. Net income is $44,800. Niensted and Bolen are given salary allowances of $16,800 and $11,200, respec remainder is shared equally. 3. Net income is $21,280. Each partner is allowed interest of 10% on beginning capital balances. Niensted $16,800 salary allowance. The remainder is shared equally. No. Account Titles and Explanation Debit Credit 1. K. Sayler, Capital 2. JUDULULUIDO 3. 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 Tot Salary allowance $ $ Interest allowance on capital Total salaries and interest Remaining excess/ deficiency Total division of net income $ $ $ $ e Textbook and Media Save for Later Attempts: 0 of 5 used Submit Answer (c) Prepare a partners' capital statement for the year under assumption (3) above. (List items that increase partners capital first.) PHAROAH COMPANY Partners' Capital Statement Art Niensted Greg Bolen Krista Say! $ $ $ $ $ $