Partners have decided on coming up with a start-up and invested a total of Php

Partners have decided on coming up with a start-up and invested a total of Php 1,400,000; Php 700,000 in cash from the 5 partners and worth Php 300,000 of operating equipment and furnitures and fixtures from Mr. A, as well as Php 400,000 worth of land invested by Mr. B.
Original Price 2,215
Price after 25% mark-up 2,768.75
Logistical Costs 481.25
Final bag price 3,250
Account Number Account Title
Assets
101 Cash
102 Merchandise Inventory
103 Property, Plant and Equipment
103-A Accumulated Depreciation-PPE
Partner’s Equity
301 Capital, Mr. A
302 Capital, Mr. B
303 Capital, Mr. C
304 Capital, Mr. D
Revenue
401 Sales
Expenses
501 Supplies Expense
502 Rent Expense
503 Utilities Expense
504 Depreciation Expense
505 Advertisement Expense
506 Insurance Expense
1. What is the income statement and distribute the net income among the partners.