Task 3: 2014 February 1 - Brady and Manning decide to start up a partnership. Brady brings in $10 000 cash and equipment costing $60 000, with $17 000 in the accumulated depreciation account. The fair market value of the equipment is $37 000. Manning brings $54 000 in cash. They agree to an income ratio of 5:4. December 31 - The business records a net income of $24 000, and Brady has a debit balance of $16 000 in his drawings account. a) Record the journal entry to establish the partnership. b) Record the entry to allocate the net income to the partners' capital accounts. c) Prepare a Statement of Partners' Equity for 2014. Brady and Manning Statement of Partner's Equity For the Year Ending December 31st, 2014 2014 Balance, Jan. 1 Add: Investments Net Income Subtotal Less: Drawings Balance, Dec. 31 Brady Manning Total