Faith Busby and Jeremy Beatty started the B&B partnership on January $1,$ Year $1.$ The business acquired $$85,800$ cash from Busby and $$174,200$ from Beatty. During Year $1,$ the partnership earned $$69,200$ in cash revenues and paid $$38,300$ for cash expenses. Busby withdrew $$1,900$ cash from the business, and Beatty withdrew $$4,200$ 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.