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 Dra Ca Art Niensted Greg Bolern Krista Sayler $23,200 14,500 10,700 40,200 33,500 26,500 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 $28,300. Income is shared 6:3:1 2. Net income is $41,700. Niensted and Bolen are given salary allowances of $14,500 and $11,000, respectively. The remainder is shared equally. 3. Net income is $18,200. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $14,480 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 sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).) DIVISION OF NET INCOME Art Niensted reg Bolen Krista Sayler Total Salary allowance Interest allowance on capital Total salaries and interest Remaining excess/ deficiency Total division of net income s 182 1002 2822 144 186 186 265 4510 402 5210