The Financial Statements for the Partnership of Tyler and you The ledger of Tyler Lambert and Ted Yost, attomes at contain the following accounts and Salances after adjustments have been recorded on December 31, 2020: See the attached Balance The following information is to be used Al The balance in Yout's capital account includes an additional $10,000 ievestment made on Art 10, 2020 B Salary Allowance: $45,000 to Lambert: 554,000 to Yout C Allowances of 10% on each Partner's Capital balance at the beginning of the Pascal Year Instructions 1) Prepare an income Statement for 2020, indicating the division of Net Income. The partnership agreement provides for salary allowances to Lambert and Yost, 10% towances of each partner's capital balance at the beginning of the focal year and equa division of the remaining net income or loss 2) Prepare a statement of partnership equity for 2020 3) Prepare a balance sheet as of December 31, 2020 Lambert and Yout Trial Balance December 31, 2020 Crecht Debit 340.000 2.000 120.000 157 od 62.200 63,500 21.700 27.900 5100 135,000 Cach A Recovable Suple Land Bu Acum deperdition Building otes frupm Accumulated Depreciation Office AP Sale Payable Tyler Lambert Capital Tercabet Draw Ted Yust To Yost Orang Professionals Salary Depreciation Building Properties Heting and fupere Supplies Depreciation Expense-Office Miscellaneous 50,000 38.000 60.000 295,300 154500 15,700 12.000 2.500 6,000 5.000 3.600 740 200 5 70.200 STATEMENT OF NEW Y