E12-6 Dr. J. Kovacik and Dr. S. Donovan have been operating a dental practice as a partnership for several years. The fixed profit and loss ratio is 60% for Dr. Kovacik and 40% for Dr. Donovan. The dental practice had the follow- ing general ledger account balances at November 30, 2014, its fiscal year end: Cash $ 32,000 Supplies 15,750 Equipment 175,500 Accumulated depreciation--equipment 41,250 Accounts payable 15,000 Note payable, due 2018 50,000 J. Kovacik, capital 58,000 J. Kovacik, drawings 140,000 S. Donovan, capital 32,000 S. Donovan, drawings 90,000 Fees earned 422,000 Salaries expense 78,500 Office expense 81,500 Interest expense 5,000 Instructions (a) Prepare financial statements for the partnership. (b) Prepare closing entries