Construct a profit and loss appropriation account and balance sheet extracts for Baker, Reed, and Hughes for the year ended 31 December 20Z2:

• Net profits: £44,500
• Interest to be charged on capitals: Baker £2,800; Reed £1,700; Hughes £1,400
• Interest to be charged on drawings: Baker £290; Reed £210; Hughes £180
• Salaries to be credited: Reed £3,300; Hughes £4,000
• Profits to be shared: Baker 45%; Reed 35%; Hughes 20%
• Current accounts: Baker £2,300; Reed £1,200; Hughes £850
• Capital accounts: Baker £55,000; Reed £23,000; Hughes £27,000
• Drawings: Baker £13,000; Reed £8,700; Hughes £9,100