Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $87,500 cash from Busby and $162,500 from Beatty. During Year 1, the partnership earned $60,500 in cash revenues and paid $42,200 for cash expenses. Busby withdrew $2,900 cash from the business, and Beatty withdrew $5,200 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 Requirec Prepare an income statement, capital statement, balance sheet, and statement of cash flows for B&B's Year 1 fiscal year. (Statement of Cash Flows only, amounts to be deducted should be indicated with minus sign. Round your profit sharing ratio to 2 decimal places and final answers to the nearest dollar amount.) B&B PARTNERSHIP Balance Sheet As of December 31, Year 1 B&B PARTNERSHIP Income Statement For the Year Ended December 31, Year 1 Assets Total assets Liabilities Total equity Total liabilities and equity 0 B&B PARTNERSHIP Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities B&B PARTNERSHIP Capital Statement For the Year Ended December 31, Year 1 Net cash flow from operating activities Cash flows from investing activities Beginning capital balance Net cash flow from investing activities Cash flows from financing activities 0 Ending capital balance Net cash flow from financing activities Net change in cash Ending cash balance 0