Financial Statements for Partnership The ledger of Tyler Lambert and Jayla Yost, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 2014: " Addonal investment Was 1o,00D Lambert and Yost Trial Balance December 31, 2014 Deabit CeditSalary allowances an Balances 5,000 for Lambert. 5 54,100 for Yost. Allowance slolo on eadh partners capital Cash Accounts Receivable 47,800 2,000 157,500 63,600 21700 120,000 Building Accumulated Depreciation-Building Office Equipment 67200 balance 6360 20 eac 27900 5,100 135,000 Accounts Payable Salaries Payable Tyler Lambert, Capital Tyler Lambert, Drawing Jayla Yost, Capital Jayla Yost, Drawing Professional Fees Salary Expense 88000 60000 60,000 sesoo 39,300 Property Tax Expense Heating and Lighting Expense Supplies Expense Depreciation Expense-Office Equipment Miscellaneous Expense 15,700 12,000 8,500 6,000 5,000 3,600 40,200 740 200 The balance in Yost's capital account includes an additional investment of made on April 10, 2014. Instructions: Prepare an income statement for 2014, indicating the division of net income. The partnership agreement provides for salary allowances of to Lambert and to Yost, allowances of on each partner's capital balance at the beginning of the fiscal year, and equal division of the remaining net income or net loss. Prepare a statement of partnership equity for 2014. Prepare a balance sheet as of the end of 2014. 1. 2. 3