At the end of its first year of operations on December 31, 2020, Sheridan Company's accounts show the following Partner Drawings Capital Art Niensted $22,700 $42,900 Greg Bolen 13,500 32,500 Krista Sayler 11,700 27,000 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. To record the division of net income for the year 2020 under each of the following independent assumptions. 1. Net income is $29,500. Income is shared 6:3:1. Net income is $38.600. Niensted and Bolen are given salary allowances of $14,600 and 510,500, respectively. The remainder is shared equally. 3. Net income is $18,900. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $14,960 salary allowance. The remainder is shared equally Prepare a schedule showing the division of net income under assumption (3) above. (b) Journalize the entry to record the division of net income for the year 2020 under each of the above independent assumptions (c) Prepare a partners' capital statement for the year under assumption (3) above. (List items that increase partners capital first.)