A-1 At the end of its first year of operations on December 31, 2022, Sunland Company's accounts show the following.PartnerArt NienstedGreg BolenKrista Sayler(a)1.2.Drawings Capital$26,680 $55,680The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2022 has not been closedto the partners' capital accounts.3.11,70411,600Journalize 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.)1.34,80029,000Net income is $34,800. Income is shared 6:3:1.Net income is $46,400. Niensted and Bolen are given salary allowances of $17,400 and $11,600, respectively. Theremainder is shared equally.Net income is $22,040. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a$17,400 salary allowance. The remainder is shared equally.No. Account Titles and ExplanationDebitCredit

A partnership is an agreement between two or more people to oversee business operations and share…

Answered: Partner Art Niensted Greg Bolen Krista…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Partner Art Niensted Greg Bolen Krista Sayler Drawings $26,680 11,704 W 11,600 Capital $55,680 34,800 29,000