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 Balances Credit Balances Cash 44,500 Accounts Receivable 42,400 Supplies 1,600 Land 106,000 Building 114,500 Accumulated DepreciationBuilding 66,300 Office Equipment 48,800 Accumulated DepreciationOffice Equipment 20,600 Accounts Payable 31,600 Salaries Payable 3,400 Camila Ramirez, Capital 110,000 Camila Ramirez, Drawing 47,700 Ping Xue, Capital 63,600 Ping Xue, Drawing 68,900 Professional Fees 379,800 Salary Expense 154,800 Depreciation ExpenseBuilding 15,400 Property Tax Expense 9,500 Heating and Lighting Expense 7,600 Supplies Expense 5,500 Depreciation ExpenseOffice Equipment 4,800 Miscellaneous Expense 3,300 675,300 675,300 The balance in Xue' capital account includes an additional investment of $11,000 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 $41,000 to Ramirez and $50,000 to Xue, allowances of 10% on each partner's capital balance at the beginning of the fiscal year, and equal division of the remaining net income or net loss. Ramirez and Xue Income Statement For the Year Ended December 31, 20Y2 fill in the blank 2 Operating expenses: fill in the blank 4 fill in the blank 6 fill in the blank 8 fill in the blank 10 fill in the blank 12 fill in the blank 14 fill in the blank 16 Total operating expenses fill in the blank 17 $fill in the blank 19 Ramirez and Xue Division of Income For the Year Ended December 31, 20Y2 Camila Ramirez Ping Xue Total Division of net income: Salary allowance fill in the blank 20 fill in the blank 21 fill in the blank 22 Interest allowance fill in the blank 23 fill in the blank 24 fill in the blank 25 Remaining income fill in the blank 26 fill in the blank 27 fill in the blank 28 Net income fill in the blank 29 fill in the blank 30 fill in the blank 31 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 fill in the blank 32 fill in the blank 33 fill in the blank 34 Capital additions fill in the blank 35 fill in the blank 36 fill in the blank 37 Net income for the year fill in the blank 38 fill in the blank 39 fill in the blank 40 Partner withdrawals fill in the blank 41 fill in the blank 42 fill in the blank 43 Balances, December 31, 20Y2 $fill in the blank 44 $fill in the blank 45 $fill in the blank 46 3. Prepare a balance sheet as of the end of 20Y2. Ramirez and Xue Balance Sheet December 31, 20Y2 Assets Current assets: fill in the blank 48 fill in the blank 50 fill in the blank 52 Total current assets $fill in the blank 53 Property, plant, and equipment: fill in the blank 55 fill in the blank 57 fill in the blank 59 fill in the blank 60 fill in the blank 62 fill in the blank 64 fill in the blank 65 Total property, plant, and equip. fill in the blank 66 Total assets $fill in the blank 67 Liabilities Current liabilities: fill in the blank 69 fill in the blank 71 Total liabilities fill in the blank 72 Partners' Equity fill in the blank 74 fill in the blank 76 Total partners' equity fill in the blank 77 Total liabilities and partners' equity $fill in the blank 78