The template is given below:

Partnership A, B, and C is a law firm. You have been engaged as accountant to prepare financial statements for the year ended December 31, 2019. The partnership's trial balance is shown on the "2019 Tr. Bal." page (see tab below). Salary expenses' listed on the trial balance are each partners' withdrawals for the year. Partnership profits are allocated based first on salaries, then on interest on opening capital balances, then on a fixed ratio. Salary allocation amounts are: 5100,000 5100,000 $160,000 Opening capital balances are: $70,000 $60,000 $70,000 5% Interest rate is: The fixed ratio is: Required 1 Prepare year-end adjusting entries. No descriptions are necessary. 2 Allocate partnership profit or loss to each partner. Prepare the necessary adjusting 3 Post the adjusting entries and complete the trial balance. 4 Prepare an income statement and statement of partners' capital for the year ended December 31, 2019 and a balance sheet at December 31. Total Amount of profit Salary allocation Balance Interest allocation: Opening cap. Rate Balance Fixed ratio allocation Balance Allocated to partners A, B, and C Trial Balance At December 31, 2019 Unadjusted Balances Debit Adjusting Entries Debit Adjusted Balances Debit Account Title Credit Credit Credit Cash Accounts Receivable Accounts Payable A, Capital A, Withdrawals B, Capital B, withdrawals C, Capital C, Withdrawals Income Summa Fees Revenue Office Expense Salaries Expense - A Salaries Expense -B Salaries Expense - C 70,000 300,000 70,000 190,000 180,000 150,000 rV 550,000 400,000 110,000 100,000 160,000 1,140,000 1,140,000 A, B, and C Income Statement For the Year Ended December 31, 2019 A, B, and C Statement of Partners' Capital For the Year Ended December 31, 2019 Total Bal. at Jan 1, 2019 Bal. at Dec. 31, 2019 A, B, and C Balance Sheet At December 31, 2019 Assets Liabilities Partners' Equity