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 the 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. the number e.g. -15,000 or parenthesis e.g. (15,000).) DIVISION OF NET INCOME Art Niensted Greg Bolen Krista Sayler Total Salary allowance 15000 15000 Interest allowance on capital 4800 3000 2500 10300 - Total salaries and interest 19800 3000 2500 25300 - Remaining excess/ deficiency (2,100) (2,100) (2,100) (6300) Total division of net income 17,700 900 400 19000 Click if you would like to Show Work for this question: Open Show Work Your answer le partially correct. Try again. Prepare a partners' capital statement for the year under assumption (3) above. List Nes that increase partners capital first.) BLOSSOM COMPANY Partners' Capital Statement For the Year Ended December 31, 2020 Art Niensted Greg Bolen Krista Sayler Total T Capital, January 1 29500 115200 Add Total Berses 18200 3950 2950 25100 E El 641400 43450 32450 140300 D000 Less Net Income (Less) 3782 630 6300 T Capital, December 31 : 41560 31829 134000