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Problem 12-02A a-c (Video) At the end of its first year of operations on December 31, 2020, Oriole Company's accounts show the following. Partner Art Niensted Greg Bolen Krista Sayler Drawings $23,100 14,200 10,200 Capital $41,200 39,500 28,500 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 $28,900. Income is shared 6:3:1. 2. Net income is $39,800. Niensted and Bolen are given salary allowances of $15,300 and $11,000, respectively. The remainder is shared equally. 3. Net income is $18,400. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $13,780 salary allowance. The remainder is shared equally. 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 e.g. -15,000 or parenthesis e.g. (15,000).) DIVISION OF NET INCOME Art Niensted Greg Bolen Krista Sayler Total X Salary allowance 13780 13780 X X Interest allowance on capital 3950 2850 10920 4120 x X X Total salaries and interest DANDO OHOOT 3950 2850 24700 17900 X Remaining excess/ deficiency -2100 -2100 -6300 -2100 x Total division of net income 1850 7501 184001 15800 Your answer is partially correct. Try again. Journalize the entry to record the division of net income for the year 2020 under each of the above independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Income Summary 28900 A. Niensted, Capital 17340 G. Bolen, Capital 8670 K. Sayler, Capital 2890 2. Income Summary 13500 A. Niensted, Capital 4500 X G. Bolen, Capital 4500 K. Sayler, Capital 4500 3. Income Summary 10920 x A. Niensted, Capital 4120 G. Bolen, Capital 3950 X K. Sayler, Capital 2850 Your answer is partially correct. Try again. Prepare a partners' capital statement for the year under assumption (3) above. (List items that increase partners capital first.) ORIOLE COMPANY Partners' Capital Statement For the Year Ended December 31, 2020 Art Niensted Greg Bolen Krista Sayler Total Capital, January 1 41200 39500 28500 109200 Add Net Income / (Loss) 15800 1850 750 18400 57000 41350 29250 127600 Less Drawings 23100 142001 10200 47500 33900 27150 Capital, December 31 19050 80100 Click if you would like to Show Work for this question: Open Show Work
