The following are the adjusted account balances of Bob and Pat as of December 31, 2021: Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Allowance for Bad Debts Cash Bob, Capital Bob, Withdrawals Equipment Freight In Administrative Expenses (includes bad debts and depreciation) Interest Expense Inventory, December 31, 2021 Notes Payable Pat, Capital Pat, Withdrawals Prepaid Insurance Purchases Purchase Discounts Purchase Returns and Allowances Sales Sales Returns and Allowances Selling Expenses $677,820 545,070 439,510 18,790 132,310 612,000 326,800 753,150 224,300 149,390 35,000 1,320,420 322,180 499,600 244,800 7,350 5,407,160 43,050 259,600 7,155,000 375,750 385,880 There were no changes in the partners capital accounts during the year. The inventory balance at the beginning of the year was $1,440,590. The partnership agreement provides for salary allowances of $330,000 for Bob and $290,000 for Pat. The agreement also shows that an interest allowance of 10% of the capital balance at the beginning of the year shall be given. Any remaining profit is to be divided equally. Answer: a. Prepare the 2021 Income Statement (5 points) b. Compute the share in the profits for each partner (5 points) c. Prepare the 2021 Statement of Changes in Partners' Equity (5 points) d. Prepare the Balance Sheet as of December 31, 2021 (5 points)