Financial Statements for Partnership The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 20Y2: Ramirez and Xue Trial Balance December 31, 20Y2 Debit Credit Balances Balances Cash 39,500 Accounts Receivable 37,600 Supplies 1,400 Land 94,000 Building 102,300 Accumulated Depreciation-Building 58,800 Office Equipment 43,200 Accumulated Depreciation - Office Equipment 18,200 Accounts Payable 28,000 Salaries Payable 3,000 Camila Ramirez, Capital 90,000 Camila Ramirez, Drawing 42,300 Ping Xue, Capital 56,400 Ping Xue, Drawing 61,100 Professional Fees 345,100 Professional Fees 345,100 Salary Expense 137,200 Depreciation Expense-Building 13,600 Heating and Lighting Expense 6,800 Depreciation Expense-Office Equipment 4,200 Property Tax Expense 8,500 Supplies Expense 4,900 Miscellaneous Expense 2,900 599,500 599,500 The balance in Xue's capital account includes an additional investment of $10,000 made on May 5, 20Y2. Required: 1. Prepare an income statement for 20Y2, indicating the division of net income. The partnership agreement provides for salary allowances of $38,000 to Ramirez and $47,000 to Xue, allowances of 10% on each partner's capital balance at the beginning of the fiscal year, and equ division of the remaining net income or net loss. Ramirez and Xue Division of Income For the Year Ended December 31, 20Y2 Camila Ramirez Ping Xue Total Division of net income: Salary allowance Interest allowance Remaining income Accounting numeric field Net income $ 2. Prepare a statement of partnership equity for 20Y2. If any amounts are zero, enter in "0". Ramirez and Xue Statement of Partnership Equity For the Year Ended December 31, 20Y2 Camila Ramirez Ping Xue Total Balances, January 1, 20Y2 Capital additions Net income for the year Partner withdrawals Balances, December 31, 20Y2 $ 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 Liabilities Current liabilities: $ Total liabilities Partners' Equity Total partners' equity Total liabilities and partners' equity $