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 $95,700 cash from Busby and $194,300 from Beatty. During Year 1, the partnership earned $64,300 in cash revenues and paid $34,050 for cash expenses. Busby withdrew $1,800 cash from the business, and Beatty withdrew $2,900 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. Complete this question by entering your answers in the tabs below. Prepare the income statement. B\&B PARTNERSIIP Capital Statement For the Year Ended December 31, Year 1 \begin{tabular}{|l|l|} \hline Beginning capital balance & \\ \hline & \\ \hline & Ending capital balance \\ \hline \end{tabular} Prepare a balance sheet. (Do not roundlintermediate calculations amount.) IncomeStatementFlowsCapitalStatementofCashBalanceSheet Prepare a statement of cash flows. (Cash outflows should be indicated BRB PARTNERSHIP Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Net cash flow from financing activities Net change in cash Ending cash balance