RCES Question 2 rt 2 At the end of its first year of operations on December 31, 2020, Wildhorse Company's accounts show the following. Partner Drawings Capital $22,800 Art Niensted $46,600 13,700 Greg Bolen 36,500 Krista Sayler 12,000 23,500 tudy 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 $28,000. Income is shared 6:3:1. 2. Net income is $39,000. Niensted and Bolen are given salary allowances of $15,200 and $10,300, respectively. The remainder is shared equally. 3. Net income is $18,700. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $14,040 salary allowance. The remainder is shared equally. RCES Question 2 rt 2 At the end of its first year of operations on December 31, 2020, Wildhorse Company's accounts show the following. Partner Drawings Capital $22,800 Art Niensted $46,600 13,700 Greg Bolen 36,500 Krista Sayler 12,000 23,500 tudy 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 $28,000. Income is shared 6:3:1. 2. Net income is $39,000. Niensted and Bolen are given salary allowances of $15,200 and $10,300, respectively. The remainder is shared equally. 3. Net income is $18,700. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $14,040 salary allowance. The remainder is shared equally