Exercise 11-3A (Algo) Effect of accounting events on the financial statements of a partnership LO 11-1 Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $71,300 cash from Busby and $158,700 from Beatty. During Year 1, the partnership earned $65,500 in cash revenues and paid $38,150 for cash expenses. Busby withdrew $3,300 cash from the business, and Beatty withdrew $3,700 cash. The net income was allocated to the capital accounts of the two partners in proportion to the amounts of their original investments in the business. Required Prepare an income statement, capital statement, balance sheet, and statement of cash flows for B&Bs Year 1 fiscal year.