Partial Financial statements Ronica duge and Sam Edwards formed partnership on May 1, 20-1. Kluge contributed $120,000 and Edwards contributed $50,000. During the year who contributed an additionat 10.000 The partnership agreement states that he is to receive 535,000 and Edwards is to receive 165,000 as a way allowance. Any remaining net income is to be divided as follows: klup, 40% und Edwards, 60%. The partnership camed net income of $200,000 for the fiscal Year ending April 30,20-2. During the first year of operation Ouge and Edwards withdrew $15,000 and $20,000, respectively 1. Prepare the lower portion of the income statement showing the allocation of net income between Klugend Edwards for the local ended All 30, 20-24 Kluge and Edwards Income Statement (Partial For the Year Ended April 30, 20-2 Net income R. de S. Edwards Total Allocation of net income: Salary allowances Remaining income Allocation of net income 2. Prepare a statement of partners' equity showing each individual partner's equity for the fiscal year ended April 30, 20-2. Kluge and Edwards Statement of Partners' Equity For the Year Ended April 30, 20-2 R. Kluge S. Edwards Total Capital, May 1, 20-1 Additional investments during the year Net income for the year withdrawals Capital, April 30, 20-2