The ledger of Shizuka Kikuchi and Kilmeny Jones, lawyers, contains the following accounts and balances after adjustments have been recorded on December 31, 2015:

The balance in Jones's capital account includes an additional investment of $10,000 made on August 10, 2015.
Instructions
1. Prepare an income statement for 2015, indicating the division of net income as shown on Page 568. The articles of partnership provide for salary allowances of $40,000 to Kikuchi and $50,000 to Jones, 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.
2. Prepare a statement of changes in partnership equity for 2015.
3. Prepare a balance sheet as at the end of 2015.

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Debit Balances Credit Balances Cash 32,000 Accounts Receivable 42,300 Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Shizuka Kikuchi, Capital Shizuka Kikuchi, Withdrawals Kilmeny Jones, Capital Kilmeny Jones, Withdrawals Professional Fees 1.500 249,100 81,900 4.800 3,200 120.000 45.000 75,000 65,000 340,300 Salaries Expense Depreciation Expense Adminstrative Expenses 146,800 19,000 24,500 625,200 625, 200