The partnership of Angel Investor Associates began operations on January 1, 2015, with contributions from two partners as follows:

Jen Wilson ..............................$45,000

Teresa McDonald ................... 55,000

The following additional partner transactions took place during the year:

1. In early January, Jaime Holden is admitted to the partnership by contributing $25,000 cash for a 20% interest.

2. Net income of $160,000 was earned in 2015. In addition, Jen Wilson received a salary allowance of $30,000 for the year. The three partners agree to an income- sharing ratio equal to their capital balances after admitting Holden.

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

Prepare a statement of changes in partnership equity for the year ended December 31, 2015.