Assuming that after the first quarter of operations, the partnership registered total Sales of P 1,012,000, Sales Returns and Sales Discounts recorded are P7,000 and P5,000, respectively. Cost of Sales and Selling and Operating Expenses is 40% and 10% of Gross Profit Personal withdrawals made by Joy and L are also recorded at 20.0 and P15,000, respectively The following are their profit and loss agreements: 1. Interest of 10% of their initial capital balances will be provided. 2. Salaries to Joy, as the managing partner, P10,000 per month, Allowance to Lucy of P15,000 3. Bonus of P20,000 and P10,000 will be given to Joy and Lucy if their net income will reach P500,000 or more. 4. The remainder will be shared based on their capital contributions. Instruction Prepare a simple Income Statement for the partnership Joy and Lucy Partnership Income Statement For the Quarter Ending June 30, 2017 Sales Less Less Less