PR 12-3A Financial statements for partnership The ledger of Tyler Lambert and Jayla Yost, attorneys-at-law, contans1, 20Y3 and balances after adjustments have been recorded on ber OBJ. 2, 5 o-at-law, contains the following accounts rded on December 31, 20Y3: Lambert and Yost Trial Balance December 31, 20Y3 Credit Balances Debit Cash Accounts Receivable Supplies Land Building Accumulated Depreciation-Building Office Equipment Accumulated Depreciation-Office Equipment Accounts Payable Salaries Payable Tyler Lambert, Capital Tyler Lambert, Drawing Jayla Yost, Capital Jayla Yost, Drawing Professional Fees Salary Expense Depreciation Expense-Building Property Tax Expense Heating and Lighting Expense Supplies Expense Depreciation Expense-Office Equipment Miscellaneous Expense Balances 34,000 47,800 2,000 120,000 57,500 67,200 63,600 21,700 27,900 5,100 35,000 50,000 88,000 395,300 54,500 15,700 12,000 8,500 6,000 5,000 3,600 740.200 740.200 The balance in Yost's capital account includes an additional investment of $10,000 made on April 10, 20Y3. Continued Instructions 1. Prepare an income statement for 20Y3, indicating the division of net income. The partnership agreement provides for salary allowances of $45,000 to Lambert and $54,700 to Yost 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 los. 2. Prepare a statement of partnership equity for 20Y3. 3. Prepare a balance sheet as of the end of 20Y3