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 $74,400 cash from Busby and $165,600 from Beatty. During Year 1, the partnership earned $68,600 in cash revenues and paid $38,600 for cash expenses Busby withdrew $1,500 cash from the business, and Beatty withdrew $3,500 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 Statement Capital Statement Balance Sheet Stmt of Cash Flows Prepare a capital statement. B&B PARTNERSHIP Capital Statement < Prev 10 of 20 Next > 651 PM 62F Cloudy 24/0022