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, 20Y2: Ramirez and Xue Trial Balance December 31, 20Y2 Debit Balances Credit Balances Cash 41,600 Accounts Receivable 39,600 Supplies 1,500 Land 99,000 Building 107,400 Accumulated DepreciationBuilding 61,900 Office Equipment 45,500 Accumulated DepreciationOffice Equipment 19,200 Accounts Payable 29,500 Salaries Payable 3,200 Camila Ramirez, Capital 100,000 Camila Ramirez, Drawing 44,600 Ping Xue, Capital 59,400 Ping Xue, Drawing 64,400 Professional Fees 358,000 Salary Expense 144,500 Depreciation ExpenseBuilding 14,400 Property Tax Expense 8,900 Heating and Lighting Expense 7,100 Supplies Expense 5,100 Depreciation ExpenseOffice Equipment 4,500 Miscellaneous Expense 3,100 631,200 631,200 The balance in Xue' capital account includes an additional investment of $10,000 made on May 5, 20Y2. Required: 1. Prepare an income statement for 20Y2, indicating the division of net income. The partnership agreement provides for salary allowances of $39,000 to Ramirez and $48,000 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.