Problem 12-02A a-c (Part Level Submission) (Video) At the end af its first year of operations on December 31, 202D, Sunland Company's accaunts show the fallowing. Partner Dra Ca $22,80D 13,600 11,600 $49,900 37,000 23,000 rt Niensted Greg Balern Krista Sayler The capital balance represents each partner's initial cepital investmernt. Therefore, net income or net lass for 2020 has nat 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 incame is 431,3 Incame is shared 6:3 2. Net income is $41,800. Niensted and Bolen are given salary allowances of $15,000 and $10,900, respectively. Tne remainder is shared equally. 3. Net income is $18,400. Each partner is allowed interest of 10% on beginning capital balances. Niensten is given$13,510 salary allowance. The remainder is shared equally. Your answer is partially correct. Ty again. Prepare a schedule showing the division or net income under assumption 3 above. If an amount reduces the account balance then enter with a negative sign preceding the numberg 15,000 or parenthesis e g 15,000 DIVISION OF NET INCOME Greg Bolen Krista Sayler Art Niensted Total Salary allowance 1351 13510 Intcrast alliawance on capital 3700 2300 10990 Total salaries and interest 18400 3700 2300 24400 Remaining excess deficiency 890 3700 10890 1700 300 19400 Total division of net income Click if you would like to Show Work for this question: Open Show Work (b) Joumalize 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 amounts entered. Do not indent marN aN No. Account Titles and Explanation Debit Credit 2. Click if you would like to Show Work for this question: Open Show work Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER SUBMIT