With the following information (below), I need help preparing year-end adjusting entries (step 1), completing the partnership profit/losses allocation chart + subsequent adjusting journal entry (step 2), posting adjusting entries and completing the trial balance sheet (step 3), and preparing an income statement, statement of partners' capital and balance sheet (step 4). 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.

On the partnership's trial balance, "Salary expenses" 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:

A: $100,000 B: $100,000 C: $160,000

Opening capital balances are:

A: $70,000 B: $60,000 C: $70,000

Interest rate: 5%

The fixed ratio:

A: 2 B: 3 C: 5

Requirements with templates: Step 1: Prepare year-end adjusting entries. No descriptions are necessary.

Step 2: Allocate partnership profit or loss to each partner, then prepare the necessary adjusting entry.

Step 3: Post the adjusting entries and complete the trial balance.

Step 4: Prepare an income statement and statement of partners' capital for the year ended December 31, 2019 and a balance sheet at December 31.

A, B, and C GENERAL JOURNAL Description Debit Credit B c 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 Adjusting Entries Debit Credit Adjusted Balances Debit Credit # # Unadjusted Balances Debit Credit 90,000 500,000 1 90,000 130,000 190,000 Account Title Cash Accounts Receivable Accounts Payable A, Capital A, Withdrawals B, Capital B, Withdrawals C, Capital C, Withdrawals Income Summary Fees Revenue Office Expense Salaries Expense - A Salaries Expense - B Salaries Expense - C 150,000 900,000 500,000 160,000 100,000 110,000 1,460,000 1,460,000 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