Southern Skies Co. had beginning capital balances on January 1, 2020, as follows: Patty Sharp $30,000 and Jim O'Connor $25,000. During the year, drawings were Sharp $15,000 and O'Connor $8,000. Net income was $40,000, and the partners share income equally. Prepare the partners' capital statement for the year. (List items that increase partners' capital first.) 3 SOUTHERN SKIES COMPANY Partners' Capital Statement Sharp O'Connor Total $ 5