Required: 1. Prepare the bottom portion of the statement of comprehensive income for the year ended Dec. 31, 2018, showing the manner of allocation of the profit. 2. Prepare the journal entry to close the income summary against the partners' capital accounts as at Dec. 31, 2018. 3. Prepare the statement of changes in partners' equity for the year ended Dec. 31 2018.
Required: 1. Prepare the bottom portion of the statement of comprehensive income for the year ended Dec. 31, 2018, showing the manner of allocation of the profit. 2. Prepare the journal entry to close the income summary against the partners' capital accounts as at Dec. 31, 2018. 3. Prepare the statement of changes in partners' equity for the year ended Dec. 31 2018.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Required:
1. Prepare the bottom portion of the statement of comprehensive income for the year
ended Dec. 31, 2018, showing the manner of allocation of the profit.
2. Prepare the journal entry to close the income summary against the partners' capital
accounts as at Dec. 31, 2018.
3. Prepare the statement of changes in partners' equity for the year ended Dec. 31
2018.
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