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Problem 12-02A a-c (Video) At the end of its first year of operations on December 31, 2020, Oriole Company's accounts show the following. Partner Art Niensted Greg Bolen Krista Sayler Drawings $23,200 14,500 10,700 Capital $40,200 33,500 26,500 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2020 has not be To record the division of net income for the year 2020 under each of the following independent assumptions. 1. Net income is $28,300. Income is shared 6:3:1. 2. Net income is $41,700. Niensted and Bolen are given salary allowances of $14,500 and $11,000, respectively. The remai 3. Net income is $18,200. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $14,4 Prepare a schedule showing the division of net income under assumption (3) above. (If an amount reduces the account parenthesis e.g. (15,000).) Problem 12-02A a-c (Video) At the end of its first year of operations on December 31, 2020, Oriole Company's accounts show the following. Partner Art Niensted Greg Bolen Krista Sayler Drawings $23,200 14,500 10,700 Capital $40,200 33,500 26,500 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2020 has not be To record the division of net income for the year 2020 under each of the following independent assumptions. 1. Net income is $28,300. Income is shared 6:3:1. 2. Net income is $41,700. Niensted and Bolen are given salary allowances of $14,500 and $11,000, respectively. The remai 3. Net income is $18,200. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $14,4 Prepare a schedule showing the division of net income under assumption (3) above. (If an amount reduces the account parenthesis e.g. (15,000).)