Problem 12-02A a-c (Video) At the end of its first year of operations on December 31, 2020, Cullumber Company's accounts show the following Drawings Partner Capital $23,300 13,800 10,900 $41,500 33,000 27,500 Art Niensted Greg Bolen Krista Sayler 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 6:3:1 2. Net income is $40,900. Niensted and Bolen are given salary allowances of $14,600 and $10,700, respectively. The remainder is shared equally. 3. Net income is $19,200. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $15,300 salary allowance. The remainder is shared equally. Journalize the entry to record the division of net income for the year 2020 under each of the above independent assiu (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation 1.Income Summary Debit Credit 29,200 G. Bolen, Capital A. Niensted, Capital K. Sayler, Capital 8760 17520 2920 2. Income Summary 40,900 A. Niensted, Capital G. Bolen, Capital K. Sayler, Capital 19800 15900 5200 3. Income Summary 19,200 22450 A. Niensted, Capital 6300 G. Bolen, Capital 5750 K. Sayler, Capital 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 Total Art Niensted Krista Sayler Greg Bolen Salary allowance Interest allowance on capital Total salaries and interest Remaining excess/ deficiency Total division of net income LINK TO TEXT CULLUMBER COMPANY Partners' Capital Statement Total Art Niensted Greg Bolen Krista Sayler Click if you would like to Show Work for this question: Open Show Work