The following are the adjusted account balances of Cecilia and Percival as of December 31, 2021: Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Allowance for Bad Debts Cash Cecilia, Capital Cecilia, Withdrawals Equipment Freight In Administrative Expenses (includes bad debts and depreciation) Interest Expense Inventory, December 31, 2021 Notes Payable Percival, Capital P 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 Percival, Withdrawals Prepaid Insurance Purchases Purchase Discounts Purchase Returns and Allowances Sales Sales Returns and Allowances Selling Expenses . There were no changes in the partners capital accounts during the year. . The inventory balance at the beginning of the year was P1,440,590. The partnership agreement provides for salary allowances of P330,000 for Cecilia and P290,000 for Percival. . 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. Required: a. Prepare the 2021 Income Statement b. Compute the share in the profits for each partner c. Prepare the 2021 Statement of Changes in Partners' Equity d. Prepare the Balance Sheet as of December 31, 2021 7,350 5,407,160 43,050 259,600 7,155,000 375,750 385,880