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Help Save & Che 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 $85,800 cash from Busby and $174.200 from Beatty. During Year 1, the partnership earned $64,900 in cash revenues and paid $33,050 for cash expenses. Busby withdrew $2,300 cash from the business, and Beatty withdrew $3,100 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. Complete this question by entering your answers in the tabs below. Income Capital Stmt of Cash Statement Statement Balance Sheet Flows Prepare a balance sheet. (Do not round Intermediate calculations and round your final answer to the nearest whole dollar amount.) B&B PARTNERSHIP Balance Sheet As of December 31, Year 1 Assets Cash $ 286,450 $ 286,450 Total assets Liabilities Equity Income Statement Capital Statement Balance Sheet Stmt of Cash Flows Prepare a balance sheet. (Do not round Intermediate calculations and round your fir amount.) B&B PARTNERSHIP Balance Sheet As of December 31, Year 1 Assets Cash $ 286,450 $ 286,450 Total assets Liabilities Equity F. Busby, Capital J. Beatty, Capital 0 Total equity Total liabilities and equity $ 0