Partner Problem 12-02A a-c (Part Level Submission) (Video) At the end of its first year of operations on December 31, 2020, Blossom Company's accounts show the following Drawings Capital Capital Art Niensted $22,500 $40,000 Greg Bolen 13,500 30,000 Krista Sayler 10,000 22,000 The capital balance represents each partner's initial capital investment. Therefore, the 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 $38,000. Niensted and Bolen are given salary allowances of $14,500 and $10,000, respectively. The remainder is shared equally 3. Net income is $18,000. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $14,800 salary allowance. The remainder is shared equally (a) Prepare a schedule showing the division of net income under assumption (3) above. C the number e.o. - 15,000 or parenthesis e.g. 15,000):) an amount reduces the account balance then enter with a negative sian preced DIVISION OF NET INCOME Art Niensted Greg Bolen Krista Sayler Total Salary allowance Interest allowance on capital 2000-200 songs . All Rights Reserved. A D o ch 1. Net income is $28,000. Income is shared 6:3:1. 2. Net income is $35.000. Niensted and Bolen are given salary allowances of $14,500 and $10,000, respectively. The remainder is shared equally 3. Net income is $18,000. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $14,800 salary allowance. The remainder is shared equally (a) 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 sin precedine the number e.. -15,000 or parenthesis e.g. (15,000). DIVISION OF NET INCOME Art Niensted Greg Bolen Krista Sayler Total Salary allowance Interest allowance on capital Total salaries and interest Remaining excess/ deficiency Total division of net income Attempts: 0 of 2 used SAVETORLATIR SUERIT