Problem 12-2A At the end of its first year of operations on December 31, 2017, NBS Company's accounts show the following. Partner Drawings Capital Art Niensted Greg Bolen Krista Sayler $22,500 13,500 $40,000 30,000 10,000 22,000 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2017 has not been dlosed to the partners' capital accounts Your answer is partially corect. Try again Journalize the entry to record the division of net income for the year 2017 under each of the following independent assumptions. (Credit account titles are automaticaly indented when amount is entered. Do not indent manually.) C) Net income is $28,000. Income is shared &:3: (2) Net income is $38,000. Niensted and Bolen are given salary allowances of $14,500 and $10,000, respectively. The remainder is shared equally. ) Net income is $18,000. Each partner is alowed interest of 10% on beginning captal balances. Niensted is given a $14,800 salary altowance. The remainder is shared equally No. Account Titles and Explanation Debit Credit Income Summary 1 28000 16800 A Nensted, Captal G. Bolen, Captal 8400 2800 K Sayler, Captal 38000 Income Summary 22600 A. Nensted, Capital G. Bolen, Captal 14050 1350 K. Sayler, Capital Income Summary 18000 A Niensted, Capital 15200 1200 G. Bolen, Captal K. Sayler, Capital 1600 Prepare a schedale showing the division of net income under assumptionn (3) above. (If an amount reduces the account balance then enter with a negative sign preceding the mumber e.g. -15,000 or parenthesis e.g. (15,000).) DIVISION OF NET INCOME Art Niensted Greg Bolen Krista Sayler Total 140 14800 Salary allowance- 2200 Interest allowance on capital 4000 3000 9200 2200 Total salaries and interest 18800 24000 3000 Remaining deficiency 3600 1800 600 6000 1200 1600 18000 Total division of net income 15200 4 MNE TO TEKT VIDEO SINELAR PROBLEM Your answer is partialy correct. Try apain Prepare a partners capital statement for the year under assumption (3) above. (List items that increase partners capital first.) NBS COMPANY Partners Capital Statement For the Year Ended December 31, 2017 Krista Sayler Art Niensted Greg Bolen Total 40000 30000 Capital, January 1 22000 92000 15200 Net Income/(Loss) Add 1200 1600 18000 s5200 31200 23600 110000 22500 Less Drawings 13500 10000 46000 32700 Capital, December 31 17700 13600 64000