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The capital balance represents each partner's initial capital inwestment. Therefore, net income or net loss for 2 0 2 2 has not been closed to

The capital balance represents each partner's initial capital inwestment. Therefore, net income or net loss for 2022 has not been
closed to the partners' capital accounts.
(a)
Your answer is correct.
Journalize the entry to record the division of net income for the year 2022 under each of the following independent assumptions.
(Credit account titles are automatically indented when amount is entered. Do not indent manualhe)
Net income is $28,200. Income is shared 6:3:1.
Net income is $37,600. Niensted and Bolen are given salary allowances of $14,100 and $9,400, respectively. The
remainder is shared equally.
Net income is $17,860. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a
$14,100 salary allowance. The remainder is shared equally.
(b)
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 eg.-15,000 or parenthesis eg.(15,000),
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