PR 12-3A 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, 20Y3: 2. Dec. 31 capital-Yost, $125,000 . 2, 5 Lambert and Yost Trial Balance December 31, 20Y3 Excel Debit Balances Credit Balances Cash 34,000 47,800 2,000 120,000 157,500 Accounts Receivable Supplies Land Building Accumulated Depreciation-Building Office Equipment 67,200 63,600 Accumulated Depreciation-Office Equipment Accounts Payable Salaries Payable Tyler Lambert, Capital Tyler Lambert, Drawing Jayla Yost, Capital Jayla Yost, Drawing Professional Fees 21,700 27,900 nuo 5,100 135,000 50,000 o p 88,000 60,000 395,300 Salary Expense Depreciation Expense-Building Property Tax Expense 154,500 15,700 12,000 Heating and Lighting Expense Supplies Expense Depreciation Expense-Office Equipment Miscellaneous Expense 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) 621 Chapter 12: Accounting for Partnerships and Limited Liability Companies 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 loss. 2. Prepare a statement of partnership equity for 20Y3. 3. Prepare a balance sheet as of the end of 20Y3. DD. 13