Problem 12-02A a-c (Video) At the end of its first year of operations on December 31, 2020, Carla Vi

Problem 12-02A a-c (Video) At the end of its first year of operations on December 31, 2020, Carla Vista Company's accounts show the following. Capital Partner Drawings $49,000 $22,900 Art Niensted 13,600 34,000 Greg Bolen 10,800 23,500 Krista Sayler The capital balance represents each partner's initial capital investment. Therefore, net 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 $28,300. Income is shared 6:3:1 2. Net income is $39,600. Niensted and Bolen are given salary allowances of $15,200 and $10,300 respectively. The remainder is shared equally 3. Net income is $18,900. Each partner is allowed interest of 10% on beginning capital balances Niensted is given a $14,250 salary allowance. The remainder is shared equally 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 Greg Bolen Krista Sayler Art Niensted Total Salary allowance attempts available ce on capital Total salaries and interest Remaining excess/ deficiency $ Total division of net income LINK Tο ΕXT Journalize the entry to record the division of net income for the year 2020 under each of the above independent assumptions. (Credit account titles are automatically in dented when amount is entered. Do not indent manually.) Debit No. Account Titles and Explanation Credit 1. 2. 3. Prepare a partners' capital statement for the year under assumption (3) above. (List items that increase partners capital first.) CARLA VISTA COMPANY Partners' Capital Statement Art Niensted Greg Bolen Krista Sayler Total