Instructions The ledger of Tyler Lambert and Jayla Yost, attomeys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 2013: Instructions Lambert and Yost ADJUSTED TRIAL BALANCE December 31, 20Y3 DEBIT CREDIT ACCOUNT TITLE 34,000.00 1 Cash 47,800.00 2 Accounts Receivable 2,000.00 3 Supplies 120,000.00 4 Land 157,500.00 67,200.00 63,600.00 21,700.00 27,900.00 5 Building 6 Accumulated Depreciation-Building 7 Office Equipment 8 Accumulated Depreciation Office Equipment 9 Accounts Payable 10 Salaries Payable 11 Tyler Lambert, Capital 12 Tyler Lambert, Drawing 15 Jayla YostCapital 14 Jayla Yost, Drawing 5,100.00 135,000.00 50,000.00 88,000.00 60,000.00 Instructions 21,700.00 27,900.00 5,100.00 135,000.00 8 Accumulated Depreciation-Office Equipment 9 Accounts Payable 10 Salaries Payable 11 Tyler Lambert, Capital 12 Tyler Lambert, Drawing 13 Jayla Yost, Capital 14 Jayla Yost, Drawing 50,000.00 88,000.00 60,000.00 15 Professional Fees 395,300.00 16 Salary Expense 154,500.00 15,700.00 17 Depreciation Expense-Building 18 Property Tax Expense 12,000.00 19 Heating and Lighting Expense 8,500.00 6,000.00 20 Supplies Expense 21 Depreciation Expense-Office Equipment 22 Miscellaneous Expense 5,000.00 3,600.00 23 Totals 740,200.00 740,200.00 The balance in Yost's capital account includes an additional investment of $10,000 made on April 10, 20Y3. Required: 1. Prepare an income staternert for 20Y3. Create a separate statement indicating the division of net income to the partners. The partnership agreement provides for salary allowances of $45,000 to Lambert and $54,700 to Yost, allowances of 10% on each partner's capital balance at the beginning of the fiscal year, and equal division of the remaining nat income or net loss. 2. Prepare a statement of partnership equity for 2073. 3. Prepare a balance sheet as of the end of 2043. *Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries, Wa net loss is incurred or there is a decrease in partners equity, enter that amount as a negative number using a minus sign x Statemont of Partnership Equity 2. Prepare a statement of partnership equily for 2013. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Ir there is a decrease in partner's equity, enter that amount as a negative number using a minus sign Lambert and Yout Statement of Partnership Equity For the Year Ended December 31, 20Y3 Ter Lambert Jayla Yost Total 1 2 1 5 Balance Sheet 3. Prepare a balance sheet as of the end of 2073. Refer to the information given and the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Enter current assets in order of liquidity, Enter Property, plant and equipment in the order in which they appear on the adjusted trial balance Lambert and Yost Balance Sheet December 31, 2013 1 Assets 1 labell 1 4 5 10 Balance Sheet 9 10 11 12 13 14 15 Liabilities 16 Label 12 11 19 20 Partners' Equity 21 22 23 26 Income Statement and Allocation to Partners 1. Prepare an income statement for 2093. Create a separate statement indicating the division of net income to the partners. The partnership agroenevie provides for salary slowances of $45,000 to Lambert and $54,700 to Yost, 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. Refer to the Accounts, Label and Amount Descriptions provided for the exact wording of the answer choices for text entries. If a ner oss is incurred, enter that amount as a negative number using a minus sign Lambert and Yout Income Statement For the Year Ended December 31, 2013 1 Label 5 4 6 Lambert and Yost Allocation of Net Income to Partners For the Year Ended December 31, 20Y3 Tyler Lambert Jayla Yost 1 Total 2. Division of net income: 3 Salary allowance 4 Interest allowance 5 Remaining income (Loss) (1:1) 6 Net income