Exercise 12-06 a-b (Part Level Submission) (Video) For National Co., beginning capital balances on January 1, 2020, 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.

(a)

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Prepare the partners capital statement for the year. (List items that increase partners' capital first.)

NATIONAL CO. Partners Capital Statement For the Year Ended December 31, 2020December 31, 2020For the Month Ended December 31, 2020
	N. Payne		A. Dody		Total
DrawingsExpensesNet Income / (Loss)Capital, January 1Capital, December 31RevenuesTotal ExpensesTotal Revenues	$		$		$
AddLess : DrawingsExpensesNet Income / (Loss)Capital, January 1Capital, December 31RevenuesTotal ExpensesTotal Revenues
AddLess : DrawingsExpensesNet Income / (Loss)Capital, January 1Capital, December 31RevenuesTotal ExpensesTotal Revenues
DrawingsExpensesNet Income / (Loss)Capital, January 1Capital, December 31RevenuesTotal ExpensesTotal Revenues	$		$		$