Problem 12-02A a-c (Part Level Submission) (Video) At the end of its first year of operations on December 31, 2020, NBS Company's accounts show the following. Partner Art Niensted Greg Bolen Krista Sayler Drawings $23,000 14,000 10,000 Capital $48,000 30,000 25,000 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 following independent assumptions. 1. Net Income is $30,000. Income is shared 6:3:1. 2. Net income is $40,000. Niensted and Bolen are given salary allowances of $15,000 and $10,000, respectively. The remainder is shared equally. 3. Net Income is $19.000. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $15,000 salary allowance. The remainder is shared equally. 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 sin preceding the number eg. 15,000 or parenthesseg (15000)) DIVISION OF NET INCOME Art Niensted Greg Holen Krista Sayler Total Salary allowance 15000 Interest allowance on capital 10300 Total salaries and interest Remaining excess/ deficiency $2.100 6300 Total division of net income Click if you would like to Show Work for this question: Open Show Work