Exercise 12-06 a-b (Video) For Cullumber Co., beginning capital balances on January 1, 2020, are Nancy Payne $19,700 and Ann Dody $16,600. During the year, drawings were Payne $7,200 and Dody $4,900. Net income was $31,500, and the partners share income equally. Prepare the partners' capital statement for the year. (List Items that increase partners' capital first.) CULLUMBER CO. Partners' Capital Statement N. Payne A. Dody Total LINK TO TEXT VIDEO: SIMILAR EXERCISE Exercise 12-06 a-b (Video) For Cullumber Co., beginning capital balances on January 1, 2020, are Nancy Payne $1 Payne $7,200 and Dody $4,900. Net income was $31,500, and the partners share incom Prepare the partners' capital statement for the year. (List items that increase partne CULLUMBER CO. Partners' Capital Statement N. Payne A. Dody Total $ Drawings Expenses Net Income / (Loss) Capital, January 1 Capital, December 31 Revenues Total Expenses Total Revenues $ $ 4 LINK TO TEXT VIDEO: SIMILAR EXERCISE Prepare the owners' equity section of the balance sheet at December 31, 2020. CULLUMBER CO. Partial Balance Sheet $ - LINK TO TEXT VIDEO: SIMILAR EXERCISE