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 folowing. Partner Drawings Capital Art Niensted Greg Bolen Krista Sayler $23,300 13,600 11,500 $48,300 37,000 30,000 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. ournalize the entry to record the division of net income for the year 2020 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. Net income is $31,600. Income is shared 6:3:1 2. Net income is $40,900. Niensted and Bolen are given salary allowances of $14,900 and $10,400, respectively. The remainder is shared equally 3. Net income is $19,000. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $13,770 salary allowance. The remainder is shared equaly. No. Account Titles and Explanation Debit Credit 1. 2