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Faith Busby and Jeremy Beatty started the BSB partneiship on January 1, Year 1. The business acquired $88,400 cash from Busby and $171,600 from Beatty.

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Faith Busby and Jeremy Beatty started the BSB partneiship on January 1, Year 1. The business acquired $88,400 cash from Busby and $171,600 from Beatty. Duting Year 1, the partnership earned $61,500 in cash revenues and paid $30,950 for cash expenses. Busby withdrew $1,700 cash from the business, and Beatty withdrew $2.800 cash. The net income was allocated to the copital accounts of the two pattners in proportion to the amounts of their original irvestments in the business Required Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash filows for BSB's Year 1 fiscal yeat

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