Problem 12-02A a-c (Video) At the end of its first year of operations on December 31, 2020, Carla Vista Company's accounts show the following. Partner Art Niensted Greg Bolen Krista Sayler Drawings $22,900 13,600 10,800 Capital $49,000 34,000 23,500 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 $39,600. Niensted and Bolen are given salary allowances of $15,200 and $10,300, respectively. The remainder is shared equally. 3. Net income is $18,900. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $14,250 salary allowance. The remainder is shared equally. Your answer is partially correct. Try again. 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 10.00 $ Interest allowance on capital Total salaries and interest Remaining excess/ deficiency Total division of net income LINK TO TEXT Your answer is partially correct. Try again. 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. Income Summary A. Niensted, Capital xwwww G. Bolen, Capital K. Sayler, Capital 2. Income Summary 1 A. Niensted, Capital G. Bolen, Capital K. Sayler, Capital 3. Income Summary hary A. Niensted, Capital ***DOPO G. Bolen, Capital K. Sayler, Capital Prepare a partners' capital statement for the year under assumption (3) above. (List items that increase partners capital first.) CARLA VISTA COMPANY Partners' Capital Statement Art Niensted Greg Bolen Krista Sayler Total Capital, January 1 Net Income / (Loss) - Less - Drawings Capital, December 31