E$12\mathrm{.}6($LO $2),$ AP Financial Statement For National Co$.,$ beginning capital balances on January $1,2022,$ are Nancy Payne $$20,000$ and Ann Dody

$$18,000.$ During the year, drawings were Payne $$8,000$ and Dody $$5,000.$ Net income was $$40,000,$ and the partners share income equally.

Instructions

a$.$ Prepare the partners' capital statement for the year.

b$.$ Prepare the owners' equity section of the balance sheet at December $31,2022.$

Prepare a classified balance sheet of a partnership.