Stephen Wadson and Mary Shively, two professionals in the finance area, have worked for Morrison Leasing for a number of years. Morrison leasing is a company that leases high-tech medical equipment to hospitals. Stephen and Mary have decided that, with their financial expertise, they might start their own company to perform consulting services to individuals interested in leasing equipment. So they formed their partnership firm in the name, S \& M Partnership with equal profit and loss share. A pre-closing trial balance taken at December 31, 2019, before the admission of Harry, is as follows: Stephen and Mary agreed to admit Harry Peter to the partnership business on 1/4th interest. New profit sharing ratio is 40:30:30 among Stephen, Mary and Harry. Harry brought $40000 as his investment in the business. Prepare Partnership's Income statement, Owner's equity statement and Balance sheet on December31,2019. Marking scheme: Calculation of Harry's capital and bonus to old partners- 5 marks Income statement- 5 marks Owner's equity statement 5 marks Balance sheet 5 marks