The following are the adjusted account balances of Calamba and Santiago as of December 31, 2018: Accounts Payable 677,820 Accounts Receivable 545,070 Accumulated Depreciation-Equipment 462,870 Allowance for Uncollectible Accounts 18,790 Cash 132,310 Calamba, Capital 612,000 Calamba, Drawing 326,400 Equipment Transportation In 753,150 224,880 General Expenses 149,390 Interest Expense 35,000 Merchandise Inventory, January 1 1,440,590 Notes Payable 299,000 Prepaid Insurance 7,350 Purchases 5,407,160 Purchases Discounts 43,050 Purchases Returns and Allowances 259,600 Sanntiago, Capital Santiago, Drawing Sales Sales Returns and Allowances Selling Expenses 499,600 244,800 7,155,000 375,750 385,880 There were no changes in the partners' capital accounts during the year. The merchandise inventory at the end of the year was P1,320,420. The partnership agreement provides for salary allowances of P330,000 for Calamba and P290,000 for Santiago. It also stipulates an interest allowance of 10% on invested capital at the beginning of the year with the remainder of the profit to be divided equally. Required: 1. Prepare an income statement for the year. Show the division of profit. 2. Prepare a statement of changes in partners' equity for the year. 3. Prepare a statement of financial position at the end of the year.