The ledger of Tyler Lambert and Jayla Yost, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 2016:

Lambert and Yost

ADJUSTED TRIAL BALANCE

December 31, 2016

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	33,800.00
2	Accounts Receivable	47,300.00
3	Supplies	2,000.00
4	Land	120,300.00
5	Building	157,200.00
6	Accumulated Depreciation-Building		67,700.00
7	Office Equipment	63,300.00
8	Accumulated Depreciation-Office Equipment		21,900.00
9	Accounts Payable		28,400.00
10	Salaries Payable		4,800.00
11	Tyler Lambert, Capital		134,500.00
12	Tyler Lambert, Drawing	50,100.00
13	Jayla Yost, Capital		87,600.00
14	Jayla Yost, Drawing	59,500.00
15	Income Summary
16	Professional Fees		392,600.00
17	Salary Expense	154,100.00
18	Depreciation Expense-Building	15,300.00
19	Property Tax Expense	12,000.00
20	Heating and Lighting Expense	8,200.00
21	Supplies Expense	6,000.00
22	Depreciation Expense-Office Equipment	4,800.00
23	Miscellaneous Expense	3,600.00
24	Totals	737,500.00	737,500.00

The balance in Yosts capital account includes an additional investment of $10,500 made on April 10, 2016.

Required:

1.

Prepare an income statement for 2016. Create a separate statement indicating the division of net income to the partners. The partnership agreement provides for salary allowances of $45,400 to Lambert and $54,200 to Yost, allowances of 10% on each partners capital balance at the beginning of the fiscal year, and equal division of the remaining net income or net loss.*

2.

Prepare a statement of partnership equity for 2016.*

3.

Prepare a balance sheet as of the end of 2016.*

* Refer to the information given and the lists of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. If a net loss is incurred or there is a decrease in partners equity, enter that amount as a negative number using a minus sign.