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 Art Niensted Greg Bolen Krista Sayler Drawings $23,200 14.200 11.700 Capital $46 300 38.000 27.500 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 $29,200. Income is shared 6:211. 2. Net income is $40,600. Niensted and Bolen are given salary allowances of $14,700 and $10,900, respectively. The remainder is shared equally. 3. Net income is $18,300. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $13.120 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 Greg Bolen Krista Sayler Total Salary allowance 17520 8760 2920 $ 29200 Interest allowance on capital Total salaries and interest Remaining excess/ deficiency Total division of net income 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 automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 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 $ $ $