At the end of its first year of operations on December $31,2022,$ Crane 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.

$(a)$

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 $$31,200.$ Income is shared $6$:$3$:$1.$

Net income is $$41,600.$ Niensted and Bolen are given salary allowances of $$15,600$ and $$10,400,$ respectively. The

remainder is shared equally.

Net income is $$19,760.$ Each partner is allowed interest of $10\%$ on beginning capital balances. Niensted is given a

$$15,600$ salary allowance. The remainder is shared equally.

No$.$ Account Titles and Explanation

Debit

Credit

No$.$ Account Titles and Explanation

Debit

Credit

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