Financial Statements for Partnership The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after adjustments have bee recorded on December 31, 20Y2: Required: 1. Prepare an income statement for 20y2, indicating the division of net income. The partnership agreement provides for salary allowances of $41,000 to Ramirez and $50,000 to Xue, allowances of 10% on each partner's capital balance at the beginning of the fiscal yeac, and equal division of the remaining net income or net loss. Ramirez and Xue Income Statement For the Year Ended December 31, 20Y2 Operating expenses: Total operating expenses Ramirez and Xue Division of Income 2. Prepare a statement of partnership equity for 20Y2. If any amounts are zero, enter in "0". Ramirez and Xue Balance Sheet December 31, 20Y2 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equip. Total assets Total property, plant, and equip. Total assets Liabilities Current liabilities