Current Attempt in Progress Below is an alphabetical listing of the accounts in the general ledger of the Kant-Adder accounting firm at the 2021. Adjusting entries for the year have been posted and included in these balances. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Depreciation expense Equipment I. Kant, capital I. Kant, drawings Interest expense $12,500 61,000 12,000 14,000 8,000 42,000 30,000 90,000 5,000 Notes payable Rent expense Salaries expense Salaries payable Service revenue Supplies Supplies expense U. Adder, capital U. Adder, drawings Unearned revenue $50,000 36,000 80,000 8,000 255,000 1,500 5,000 30,000 60,000 5,000 Additional information: 1. The balance in Kant's capital account includes an additional $5,000 investment during the year. 2. $1,500 of the note payable is due within the next year. 3. Kant and Adder share profit in the ratio of 2:1, respectively. Prepare an income statement, statement of partners' equity, and balance sheet. (Enter negative amounts using eit number e.g. -45 or parentheses e.g. (45). List Current Assets in order of liquidity. List items that increase partner's equity places, e.g. 5,275.) KANT-ADDER PARTNERSHIP Income Statement Month Ended March 31, 2021 KANT-ADDER PARTNERSHIP Income Statement Month Ended March 31, 2021 Revenues Service Revenue 255000 Expenses Depreciation Expense $ 8000 Salaries Expense 80000 Interest Expense 5000 Rent Expense 36000 Supplies Expense 5000 Total Expenses 134000 Profit/(Loss) 121000 KANT-ADDER PARTNERSHIP Statement of Partners' Equity Month Ended March 31, 2021 I. Kant U. Adder Total Capital, April 1 30000 $ 30000 $ 60000 Add : Investments 5000 5000 Profit/(Loss) - KANT-ADDER PARTNERSHIP Statement of Partners' Equity Month Ended March 31, 20214 I. Kant U. Adder 30000 $ Total Capital, April 1 30000 60000 Add : Investments 5000 5000 Profit/(Loss) Less : Drawings Capital, March 31 KANT-ADDER PARTNERSHIP Balance Sheet Assets KANT-ADDER PARTNERSHIP Balance Sheet Assets A Liabilities and Partners' Equity A Liabilities and Partners' Equity e Textbook and Media e Textbook 1 eTextbook 2 Liabilities and Partners' Equity e Textbook and Media e Textbook 1 eTextbook 2 Journalize the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent mi Debit Credit Date Account Titles and Explanation Mar. 31 (To close revenue account.) Mar. 31 (To close expense accounts.) Mar. 31 (To close Income Summary.) Mar. 31 Debit Credit Date Account Tities and Explanation Mar. 31 (To close revenue account.) Mar. 31 (To close expense accounts.) Mar. 31 (To close Income Summary.) Mar. 31 (To close drawings accounts.) eTextbook and Media