Problem 12-02A a-c (Video) At the end of its first year of operations on December 31, 2020, Ivanhoe Company's accounts show the following. Partner Drawings Capital Art Niensted $23,200 $40,600 Greg Bolen 13,800 33,500 Krista Sayler 11,300 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 $30,700. Income is shared 6:3:1. 2. Net income is $40,500. Niensted and Bolen are given salary allowances of $15,200 and $10,000, respectively. The remainder is shared equally 3. Net income is $19,100. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $15,490 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 DIVISION OF NET INCOME Art Niensted Greg Bolen Krista Sayler Total Salary allowance $ Interest allowance on capital Total salaries and interest Remaining excess deficiency Total division of net income LINK TO TEKT 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 aman No. Account Titles and Explanation Debit Credit 1 > > > > > > LINK TO TEXT 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 auto No. Account Titles and Explanation Debit Credit 1. 2. > V 3. > LINK TO TEXT Prepare a partners' capital statement for the year under assumption (3) above. (List items that increase partners capital first.) IVANHOE COMPANY Partners' Capital Statement Total Art Niensted Greg Bolen Krista Sayler V 3. > > > > LINK TO TEXT Prepare a partners' capital statement for the year under assumption (3) above. (List items that increase partners capital first.) IVANHOE COMPANY Partners' Capital Statement Art Niensted Greg Bolen Krista Sayler Total $ $ Click if you would like to Show Work for this question: Qeen Show Work VIDEO: SIRTLAR PROBLEM LINK TO TEXT