The medical practice of Dr. W. Jarratt and Dr. M. Bains had the following general ledger account balances at April 30, 2024, its fiscal year end:

Accounts payable ..................................................... $27,100  

Accumulated depreciation—equipment ................. 17,100 

Cash ...............................................................................36,000 

Equipment ....................................................................75,100 

M. Bains, capital ...........................................................50,400

M. Bains, drawings ..................................................$121,000

Operating expenses .................................................149,400

Service revenue..........................................................377,000

W. Jarratt, capital .........................................................36,900

W. Jarratt, drawings ..................................................127,000  

a. Calculate the profit or loss for the year. 

b. Prepare the statement of partners’ equity and the balance sheet, assuming the doctors share profit or loss equally.