"Exercise 12-06 a-b (Video) For Pharoah Co., beginning capital balances on January 1, 2020, are Nancy Payne 523,300 and Ann Dody $22.500. During the vear drawings were Payne $2.600 and Dody $5,700. Net income was $31,800, and the partners share income equally Prepare the partners capital statement for the year. (tist items that increase partners' capital first.) PHAROAHOO. Partners' Capital Statement N. Payne A. Dody Total $ si $ 5 $ Prepare the owners equity section of the balance sheet at December 31, 2020. PHAROAH CO. Partial Balance Sheet $ $