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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 $105,300 cash from Busby and $164,700 from Beatty. During Year 1, the partnership eamed $64,300 in cash revenues and paid $29,350 for cash expenses. Busby withdrew $3,400 cash from the business, and Beatty withdrew $3,400 cash. The net income was allocated to the capital accounts of the two parthers in proportion to the amounts of their onginal 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. Prepare the income statement. Problem: Module 3 Textbook Problem 10 Learning Objective: 39 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 $105,300 cash from Busby and $164,700 from Beatty. During Year 1, the partnership earned $64,300 in cash revenues and paid $29,350 for cash expenses. Busby withdrew $3.400 cash from the business, and Beatty withdrew $3.400cash. The net income was allocated to the capital accounts of the two partners in proportion to the amounts of their onginal investments in the busines. Required Prepare an income statement, capital statement (statement of changes in equity). balance sheet, and statement of cash flows for B\&B Year 1 fiscal year Complete this question by entering your answers in the tabs below. Prepare a capital statement. Yeat 1 fiscal yeat Complete this question by entering your answers in the tabs below. Prepare a balance sheet. (Do not round intermediate calculations and round your final answer to the nearest whole dollar amount) Complete this question by entering your answers in the tabs below. Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.)