View Policies Show Attempt History Current Attempt in Progress At the end of its first year of operations of December 31.2022. Oriole Company's accounts show the following Partner Drawings Capital Art Niensted $20,240 $42.240 Greg Bolen 11,312 26,400 Krista Sayler 8,800 22,000 4.81/6 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2022 has not been closed to the partners' capital accounts (a) Your answer is correct. maunchidae3-405-460-07-52251522 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 manually. 1. Net income is $26.400. Income is shared 6:3:1. 2 3. Net income is $35,200. Niensted and Bolen are given salary allowances of $13,200 and $8,800, respectively. The remainder is shared equally Net income is $16,720. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $13.200 salary allowance. The remainder is shared equally. No. Account Titles and Explanation 1. Income Summary A Niensted Capital Glen Capital Kyle Capital 2. Income Summary Debit 26400 mnt-lavende03-20-49-6047-5225nne 35300 MacBook Air Credit 15848 7920 2640 ducation.wiley.com 4.81/6 Prepare a partners' capital statement for the year under assumption (3) above. (List items that increase partners capital first) ORIOLE COMPANY Partners' Capital Statement For the Year Ended December 31, 2022 Art Niensted Capital January 1 42240 Less Drawings 20240 22000 Greg Bolen Krista Sayler 26400 11312 15088 Ade Net Income/Loss) 15576 792 Capital December 31 0 $ 37576 $ 150 eTextbook and Media Assistance Used -playerinde H30-46-07-2251502794 Attempts: 1 of 5 used Submit Answer MacBook Air