I submitted this earlier, but the answer was incorrect. It was written in the textbook that the correct capital for Xue at 31 December 20Y2 should be $179,100.

The question is in the picture not text pls, look at the picture there is 3 questions termed as "Instruction"

2. Dec. 31 capital- Xue, $179,100 The ledger of Camila Ramirez and Ping Xuc, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31,20Y; Copyright 2018 Cengage Lenring. Aur Alghte Aeserved, May nat be copled, acanned, or duglicated, in magle or in part. WCiN az-2ob-20s Chapter 12 Accounting for Partnerships and Limited Liability Companies 625 The balance in Xue's capital account includes an additional investment of $20,000 made on May 5,20Y2. Instructions 1. Prepare an income statement for 20Y2, indicating the division of net income. The partnership agreement provides for salary allowances of $50,000 to Ramirez and $65,000 to Xuc, allowances of 12% on each partner's capital balance at the beginning of the fiscal year, and equal division of the remaining net income or net loss. 2. Prepare a statement of partnership equity for 20Y2. 3. Prepare a balance sheet as of the end of 20Y2. 2. Dec. 31 capital- Xue, $179,100 The ledger of Camila Ramirez and Ping Xuc, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31,20Y; Copyright 2018 Cengage Lenring. Aur Alghte Aeserved, May nat be copled, acanned, or duglicated, in magle or in part. WCiN az-2ob-20s Chapter 12 Accounting for Partnerships and Limited Liability Companies 625 The balance in Xue's capital account includes an additional investment of $20,000 made on May 5,20Y2. Instructions 1. Prepare an income statement for 20Y2, indicating the division of net income. The partnership agreement provides for salary allowances of $50,000 to Ramirez and $65,000 to Xuc, allowances of 12% on each partner's capital balance at the beginning of the fiscal year, and equal division of the remaining net income or net loss. 2. Prepare a statement of partnership equity for 20Y2. 3. Prepare a balance sheet as of the end of 20Y2