Partnership Accounting}

Michelle Maw and Marc Joness, partners, opened a new consulting business starting January 1, 2018. Profit for the year ended December 31, 2018, was \(\$ 100,000\). Michelle and Marc share profit on a \(60 \%\) and \(40 \%\) basis, respectively. During 2018 , Michelle's drawings were \(\$ 36,000\) and Marc's drawings were \(\$ 30,000\).

\section*{Required:}

Prepare a statement of partners' equity for the year ended December 31, 2018 .

Problem