Prepare a partners' capital statement for the year under assumption (3) above. (List items that increase partners capital first.) BLOSSOM COMPANY Partners' Capital Statement For the Year Ended December 31, 2022 Art Niensted Greg Bolen Krista Sayler $ inuary 1 A $ $ Net Income /(Loss) TUOMI Drawings ecember 31 $ $ $ e Textbook and Media Save for Later Attempts: 1 of 5 used Submit Answer Prepare a partners' capital statement for the year under assumption (3) above. (List items that increase partners capital first.) BLOSSOM COMPANY Partners' Capital Statement For the Year Ended December 31, 2022 4 Art Niensted Total Krista Sayler Greg Bolen $ $ DONE VIDEO $ $ At the end of its first year of operations on December 31, 2022, Blossom Company's accounts show the following. Partner Drawings Capital Art Niensted $28,520 $59,520 Greg Bolen 11,816 37,200 Krista Sayler 12.400 31,000 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 partially 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 manually.) 1. Net income is $37,200. Income is shared 6:3:1. 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 $37,200. Income is shared 6:3:1. 2. Net income is $49,600. Niensted and Bolen are given salary allowances of $18,600 and $12,400, respectively. The remainder is shared equally. 3. Net income is $23,560. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $18,600 salary allowance. The remainder is shared equally. No. Account Titles and Explanation Debit Credit 1. Income Summary 37200 A. Niensted, Capital 22320 G. Bolen, Capital 11160 K. Sayler, Capital 3720 2. Income Summary 49600 . A. Niensted, Capital 24800 G. Bolen, Capital 18600 1. Income Summary JZZUU A. Niensted, Capital 22320 G. Bolen, Capital : 11160 K. Sayler, Capital 3720 2. Income Summary A 49600 A. Niensted, Capital 24800 G. Bolen, Capital 18600 K. Sayler, Capital 6200 3. Income Summary 23560 A. Niensted, Capital G. Bolen, Capital K. Sayler, Capital 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 e.g. -15,000 or parenthesis e.g. (15,000).) DIVISION OF NET INCOME Art Niensted Greg Bolen Krista Sayler Tot: Salary allowance $ 18600 12400 6200 $ Interest allowance on capital Total salaries and interest Remaining excess/ deficiency Total division of net $ tA $ $ $