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Partner bonuses, statement of partnership equity

The partnership of Angel Investor Associates began operations on January $1,20$Y$5,$ with contributions from two partners as follows:

Dennis Overton $$180,000$

Ben Testerman $120,000$

The following additional partner transactions took place during the year:

$1.$ In early January, Randy Campbell is admitted to the partnership by contributing $$75,000$ cash for a $20\%$ interest.

$2.$ Net income of $$150,000$ was earned in $20$Y$5.$ In addition, Dennis Overton received a salary allowance of $$40,000$ for the year. The three partners agree to an income$-$sharing ratio equal to their capital balances after admitting Campbell.

$3.$ The partners' withdrawals are equal to half of the increase in their capital balances from salary allowance and income.

Prepare a statement of partnership equity for the year ended December $31,20$Y$5.$ If an amount box does not require an entry, leave it blank.

Angel Investor Associates

Statement of Partnership Equity

For the Year Ended December $31,20$Y$5$

Dennis Overton, Capital Ben Testerman, Capital Randy Campbell, Capital Total Partnership Capital

Balances, January $1,20$Y$5$ $fill in the blank $1$

$fill in the blank $2$

$fill in the blank $3$

$fill in the blank $4$

Admission of Randy Campbell fill in the blank $5$

fill in the blank $6$

fill in the blank $7$

fill in the blank $8$

Salary allowance fill in the blank $9$

fill in the blank $10$

fill in the blank $11$

fill in the blank $12$

Remaining income fill in the blank $13$

fill in the blank $14$

fill in the blank $15$

fill in the blank $16$

Partner withdrawals fill in the blank $17$

fill in the blank $18$

fill in the blank $19$

fill in the blank $20$

Balances, December $31,20$Y$5$ $fill in the blank $21$

$fill in the blank $22$

$fill in the blank $23$

$fill in the blank $24$

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