Mike and Rachel form M\&R Partnership. Mike invests $47,000 cash and Rachel invests $67,000 cash. The partners agree to share income as follows: Mike gets a salary allowance of $5,100 per year and Rachel gets a salary allowance of $9,700 per year; both get an annual interest allowance of 10% on their initial investment; and any remaining balance is shared equally. Net income for the year is $37,000. Also, Mike withdrew $1,700 cash from the partnership and Rachel withdrew $2,700. Prepare a statement of partners' equity for the year ended December 31. Note: Do not round intermediate calculations. Enter all allowances as positive values. Enter losses and withdrawals as negative values
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