Debit Credit Balances Balances Cash 39,900 Accounts Receivable 38,000 Supplies 1,400 Land 95,000 103,400 Building Accumulated Depreciation-Building 59,400 Office Equipment 43,700 Accumulated Depreciation-Office Equipment 18,400 Accounts Payable 28,300 Salaries Payable 3,000 Camila Ramirez, Capital 100,000 Camila Ramirez, Drawing 42,800 Ping Xue, Capital 57,000 Ping Xue, Drawing 61,800 Professional Fees 339,900 Salary Expense 138,700 Depreciation Expense-Building 13,800 Heating and Lighting Expense 6,800 Camila Ramirez, Drawing 42,800 Ping Xue, Capital 57,000 Ping Xue, Drawing 61,800 Professional Fees 339,900 Salary Expense 138,700 Depreciation Expense-Building 13,800 Heating and Lighting Expense 6,800 Depreciation Expense-Office Equipment 4,300 Property Tax Expense 8,600 Supplies Expense 4,900 Miscellaneous Expense 2,900 606,000 606,000 The balance in Xue's capital account includes an additional investment of $10,000 made on May 5, 20Y2. Required: 1. Prepare an income statement for 20Y2, indicating the division of net income. The partnership agreement provides for salary allowances of $37,000 to Rar $45,000 to Xue, allowances of 10% on each partner's capital balance at the beginning of the fiscal year, and equal division of the remaining net income or ne Ramirez and Xue Division of Income For the Year Ended December 31, 20Y2 Camila Ramirez Ping Xue Total Division of net income: Salary allowance Interest allowance Remaining income Net income $ Ramirez and Xue Statement of Partnership Equity For the Year Ended December 31, 20Y2 Camila Ramirez Ping Xue Total Balances, January 1, 20Y2 Capital additions Net income for the year Partner withdrawals Balances, December 31, 20Y2 $ Ramirez and Xue Balance Sheet December 31, 20Y2 Assets Current assets: Cash 39,900 Accounts Receivable 38,000 Supplies 1,400 Total current assets 79,300 Property, plant, and equipment: Land 95,000 Building 103,400 Less Accumulated Depreciation 59,400 Office Equipment 43,700 Less Accumulated Depreciation 18,400 Total property, plant, and equip. Total assets Partners' Equity Camila Ramirez, Capital Ping Xue, Capital Total partners' equity Total liabilities and partners' equity Feedback