1. Prepare an income statement for 20Y3. Create a separate statement indicating the division of net...

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1. Prepare an income statement 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 net income or net loss. Be sure to complete the statement heading. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Colons () will automatically appear if required. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative Expenses should be positive. 1 2 (Label) 3 4 5 6 7 9 Lambert and Yost Income Statement (Label) I 1. Prepare an income statement 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 net income or net loss. Be sure to complete the statement heading. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Colons () will automatically appear if required. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative Expenses should be positive. 1 2 (Label) 3 4 5 6 7 9 Lambert and Yost Income Statement (Label) I