Part A (2019)Partnership A, B, and C is a law firm. You have been engaged as accountant to prepare financial statements for the year ended December 31, 2019.

The partnership's trial balance is shown on the "2019 Tr. Bal." page (see tab below). 'Salary expenses' listed on the trial balance are each partners' withdrawals for the year.

Partnership profits are allocated based first on salaries, then on interest on opening capital balances, then on a fixed ratio.

Salary allocation amounts are:

A $100,000

B $100,000

C $160,000

Opening capital balances are:

A $70,000

B $60,000

C $70,000

Interest rate is: 5%

The fixed ratio is:

A2

B3

C5

Required

Prepare year-end adjusting entries. No descriptions are necessary.

Allocate partnership profit or loss to each partner. Prepare the necessary adjusting entry.

Post the adjusting entries and complete the trial balance.

Prepare income statement and statement of partners' capital for the year ended December 31, 2019 and a balance sheet at December 31.

Partnership A, B, and C is a law firm. You have been engaged as accountant to prepare financial statements for the year ended December 31, 2019. The partnership's trial balance is shown on the "2019 Tr. Bal." page (see tab below). 'Salary expensesIr listed on the trial balance are each partners' withdrawals for the year. Partnership profits are allocated based first on salaries, then on interest on opening capital balances, then on a fixed ratio. Salary allocation amounts are: A $100,000 B $100,000 (3 $160,000 Opening capital balances are: A $70,000 B 560,000 C 570,000 Interest rate is: 5% The fixed ratio is: A 2 B 3 C Required 1 Prepare year-end adjusting entries. No descriptions are necessary. 2 Allocate partnership profit or loss to each partner. Prepare the necessary adjusting entry. 3 Post the adjusting entries and complete the trial balance. 4 Prepare an income statement and statement of partners' capital for the year ended December 31, 2019 and a balance sheet at December 31