CALCULATOR PRINTER VERSION BACK NEXT RESOURCES At the end of its first year of operations on December 31, 2020, Wildhorse Company's accounts show the...

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CALCULATORPRINTER VERSIONBACKNEXTRESOURCESAt the end of its first year of operations on December 31, 2020, Wildhorse Company's accounts show the following.1 - Part 2PartnerDrawingsCapitalArt Niensted$22,800$46,600Greg Bolen13,70036,500Krista Sayler12,00023,500The 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.Its by StudyTo 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 $39,000. Niensted and Bolen are given salary allowances of $15,200 and $10,300, respectively. The remainder is shared equally.3. Net income is $18,700. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $14,040 salary allowance. The remainder is sharedequally.(a)Prepare a schedule showing the division of net income under assumption (3) above. (If an amount reduces the account balance then enter with a negative signpreceding the number e.g. -15,000 or parenthesis e.g. (15,000).)DIVISION OF NET INCOMEArt NienstedGreg BolenKrista SaylerTotalSalary allowance$Interest allowance on capitalTotal salaries and interestpent | Privacy Policy | @ 2000-2019 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley &