At the end of its first year of operations on December 31, 2020, Ivanhoe Company’s accounts show the following. Partner

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At the end of its first year of operations on December 31, 2020,
Ivanhoe Company’s accounts show the following. Partner Drawings
Capital Art Niensted $23,200 $46,300 Greg Bolen 14,200 38,000
Krista Sayler 11,700 27,500 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 $29,200. Income is shared 6:3:1. 2. Net income is $40,600.
Niensted and Bolen are given salary allowances of $14,700 and
$10,900, respectively. The remainder is shared equally. 3. Net
income is $18,300. Each partner is allowed interest of 10% on
beginning capital balances. Niensted is given a $13,120 salary
allowance. The remainder is shared equally.