Problem 12-02A a-c (Video) At the end of its first year of operations on December 31, 2020, Crane Company's accounts show the following. Partner Drawings Capital Art Niensted $23,200 $46,700 Greg Bolen 14,100 31,500 Krista Sayler 10.800 26,000 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 $31,600. Income is shared 6:3:1. 2. Net income is $41,200. Niensted and Bolen are given salary allowances of $14,900 and $10,400, respectively. The remainder is shared equally. 3. Net income is $19,900. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $15,780 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 $ $ Interest allowance on capital Total salaries and interest Remaining excess/ deficiency Total division of net income 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. 7 7 2. 7 7 3. 7 7 LINK TO TEXT Prepare a partners' capital statement for the year under assumption (3) above. (List items that increase partners capital first.) CRANE COMPANY Partners' Capital Statement Art Niensted Greg Bolen Krista Sayler Total S S S Click if you would like to Show Work for this question: Open Show Work