Veda Storey and Gordon Rogers have a partnership agreement with the following provisions for sharing profit or loss: 1. A salary allowance of $29,400 to Storey and $40,300 to Rogers 2. An interest allowance of 5% on capital balances at the beginning of the year 3. The remainder to be divided between Storey and Rogers on a 2:3 basis The capital balances on January 1, 2021, for Storey and Rogers were $75,000 and $102,000, respectively. For the year ended December 31, 2021, the Crane Partnership had sales of $339,000; cost of goods sold of $246,000; operating expenses of $128,000; V. Storey drawings of $24,700; and G. Rogers drawings of $30,500. Prepare an income statement for Crane Partnership for the year. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses eg. (45).) CRANE PARTNERSHIP Income Statement Sales Operating Expenses $ Prepare a schedule to show how the profit or loss will be allocated to the two partners. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) CRANE PARTNERSHIP Division of Loss V. Storey G. Rogers Total Loss $ $ Salary allowance V.Storey G. Rogers Total Deficiency remaining for allocation Interest allowance V. Storey G. Rogers Total Deficiency remaining for allocation Fixed ratio V.Storey G. Rogers Total Loss remaining for allocation Loss allocated to the partners $ $ $ Prepare a statement of partners' equity for the year. CRANE PARTNERSHIP Statement of Partners' Equity V. Storey G. Rogers Total Capital, December 31 $ Add Capital, December 31 S $ Prepare closing entries at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue account.) Dec 31