At the end of its first year of operations on December 31, 2014, NBS Company's accounts show the following Partner Drawings Capital Art Niensted Greg Bolen Krista Sayler $22,610 14,110 11,590 $45,190 34,450 29,610 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2014 has not been closed to the partners' capital accounts. Your answer is correct. ournalize the entry to record the division of net income for the year 2014 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 $29,600. Income is shared 6 3:1 (2) Net income is $41,170. Niensted and Bolen are given salary allowances of $14,730 and $10,780, respectively. The remainder is shared equally (3) Net income is $18,370. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $13,655 salary allowance. The remainder is shared equally No. Account Titles and Explanation Debit Credit 29600 1. ncome Summa 77601 Niensted, Capital Bolen, Capital Sayler, Capital 6960 2. ncome Summa %11701 Niensted, Capital Bolen, Capital Sayler, Capital 119950 116000 220 3. ncome Summa 8370 Niensted, Capital Bolen, Capital Sayler, Capital 6104 1375 Your answer is partially correct. Try again. 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 or parenthesis, e.g. -15,000, (15,000).)