10 1 points Problem: Module 3 Textbook Problem 10 Learning Objective: 3-9 Identify the primary characteristics of sole proprietorships, partnerships, and corporations Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $96,000 cash from Busby and $204,000 from Beatty. During Year 1, the partnership earned $65,100 in cash revenues and paid $29,700 for cash expenses, Busby withdrew $3,600 cash from the business, and Beatty withdrew $3,900 cash. The net income was allocated to the capital accounts of the two partners in proportion to the amounts of their original investments in the business Required Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for B&B's Year 1 fiscal year amount.) B&B PARTNERSHIP Balance Sheet As of December 31, Year 1 Assets Cash $327,900 + $327,900 0 Total assets Liabilities Equity F. Busby, Capital J. Beatty, Capital 0 Total equity Total liabilities and equity $ 0