Mike and Rachel form M&R Partnership. Mike invests $43.000 cash and Rachel invests $63.000 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 $9,300 per year: both get an
annual interest allowance of 12% on their initial investment; and any remaining balance is shared equally. Net income for the year is
$33,000. Also, Mike withdrew $1,300 cash from the partnership and Rachel withdrew $2.300.
Prepare a statement of partners' equity for the year ended December 31. (Do not round Intermediate calculations. Enter all
allowances as positive values. Enter losses and withdrawals as negative values.)