tem 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, 2012 Ramirez and Xue Trial Balance December 31, 2012 Debit Credit Balances Balances Cash 39,900 Accounts Receivable 38,000 Supplies 1,400 Land 95,000 Building 103,300 Accumulated Depreciation-Building 59.400 Office Equipment 43,700 Accumulated Depreciation Office Equipment 18.400 28,300 Accounts Payable Salaries Payable 3,000 Camila Ramirez, Capital 100,000 42,800 Camila Ramirez, Drawing Ping Xue, Capital 57,000 Ping Xue, Drawing 61,800 339,800 Professional Fees Now Professional Fees 339,800 138,700 Salary Expense Depreciation Expense-Building Property Tax Expense Heating and Lighting Expense 13,800 8,600 6,800 Supplies Expense 4,900 Depreciation Expense-Office Equipment 4,300 Miscellaneous Expense 2,900 605.900 605,900 The balance in Xue capital account includes an additional Investment of $10,000 made on May 5, 2012 Required: 1. Prepare an income statement for 2012, indicating the division of net income. The partnership agreement provides for salary allowances of $37,000 to Ramirez and $45,000 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 Ramirez and Me Income Statement For the Year Endnd December 31, 2012 Operating expenses: Previous Next > Check My Work Email Instructor Save and Edit Submit Assignment for Grading StakeAssignmentSessionLocator Binprogress=falso NOW eBook Print Item Operating expenses: EETAL... ET.AL... ET.AL... Total operating expenses Ramirez and Xue Division of Income For the Year Ended December 31, 2012 Camila Ramirez Ping Xue Total Division of net income: Salary allowance Interest allowance Remaining Income Net Income BOOK Printiem 2. Prepare a statement of partnership equity for 2072. If any amounts are zero, enter in "o". Statement of Partnership Equity For the Year Ended December 31, 2013 Camila Ramirez Ping Xue Total Balances, January 1, 2012 $ Capital additions Net income for the year Partner withdrawals