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

- W N 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. 5 6 The partnership's trial balance is shown on the "2019 Tr. Bal." page (see tab below). 'Salary 7 expenses' listed on the trial balance are each partners' withdrawals for the year. 8 9 Partnership profits are allocated based first on salaries, then on interest on opening capital 10 balances, then on a fixed ratio. 11 12 Salary allocation amounts are: 13 A $100,000 14 $100,000 15 $160,000 16 17 Opening capital balances are: 18 A $70,000 19 $60,000 20 $70,000 21 Interest rate is: 5% 22 23 The fixed ratio is: 24 A 2 25 3 26 5 27 28 Required 29 1 Prepare year-end adjusting entries. No descriptions are necessary. 30 31 2 Allocate partnership profit or loss to each partner. Prepare the necessary adjusting entry. 32 33 3 Post the adjusting entries and complete the trial balance. 34 35 4 Prepare an income statement and statement of partners' capital for the year ended 36 December 31, 2019 and a balance sheet at December 31. 37