Required: 1. Prepare an income statement for 20y2, indicating the division of net income. The partnership agreement provides for salary allowances of $46,000 to Ramirez and $56,000 to Xue, allowances of 10% on each partner's capital balance at the beginning of the fiscal year, and equal division of the remeining net income or net loss. Gmal Total property, plant, and equip. Total assets Liabilities Current liabilities: Total Habllities Total liabilities and partners' equity 2. Prepare a statement of parthership equity for 20Y2. If any amounts are zero, enter in " 0 ", 2. Prepare a statement of partnership equity for 20Y2. If any amounts are zero, enter in " 0 ". 3. Prepare a balance sheet as of the end of 20Y2. 3. Prepare a balance sheet as of the end of 20Y2. Financial Statements for Partnership The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31,20 r: The balance in Xue' capital account includes an edditional investment of 512,000 made on May 5, 20Y2. Required: 1. Prepare an income statement for 20Y2, indicating the division of net income. The partnership agreement provides for salary allowances of $46,000 to Ramirez and $56,000 to Xue, 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