Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $95,700 cash from Busby and $194,300 from Beatty. During Year 1, the partnership earned $61,700 in cash revenues and paid $38,050 for cash expenses. Busby withdrew $3,200 cash from the business, and Beatty withdrew $3,100 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 (statement of changes in equity), balance sheet, and statement of cash flows for B&B's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement Capital Statement Stmt of Cash Balance Sheet Flows Prepare the income statement. B&B PARTNERSHIP Income Statement For the Year Ended December 31, Year 1 Revenues Expenses Net income $ 0