Veda Young and Gordon Smith have a partnership agreement with the following provisions for sharing profit or loss: 1. A salary allowance of $38,900 to Young and $50,000 to Smith 2. An interest allowance of 5% on capital balances at the beginning of the year 3. The remainder to be divided between Young and Smith on a 2:3 basis The capital balances on January 1, 2024, for Young and Smith were $103,300 and $127,300, respectively. For the year ended December 31,2024 , the Young Smith Partnership had sales of $428,400; cost of goods sold of $315,000; operating expenses of $163,800; V. Young drawings of $30,154; and G. Smith drawings of $36,288. Prepare an income statement for Young Smith Partnership for the year. Prepare a schedule to show how the loss will be allocated to the two partners. (Enter negative amounts using either a negative sign oreceding the number e.g. 45 or parentheses e.g. (45).) YOUNG SMITH PARTNERSHIP Division of Loss Loss Salary allowance V. Young G. Smith Total Deficiency remaining for allocation Interest allowance V. Young G. Smith Total Deficiency remaining for allocation Fixed ratio V. Young G. Smith Total Loss remaining for allocation Loss allocated to the partners