8-3 Effect of accounting events on the financial statements of a partnership LO 8-1 Faith Busby and Jeremy Beatty started the B&B partnership on January 1, 2018. The business acquired $66,000 cash from Busby and $134,000 from Beatty. During 2018, the partnership earned $61,800 in cash revenues and paid $37,550 for cash expenses. Busby withdrew $2,500 cash from the business, and Beatty withdrew $3,100 cash. The net income was allocated to the capital accounts of the two partners in proportion to the amounts of their original investments in the business. Required: Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for B&Bs 2018 fiscal year.