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Mike and Rachel form M\&R Partnership. Mike invests $41,000 cash and Rachel invests $61,000 cash. The parthers agree to share income as follows: Mike gets a salary allowance of $5,100 per year and Rochel gets a salary allowance of $9,100 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 $31,000. Also, Mike withdrew $1,100 cash from the partnership and Rachel withdrew $2,100. 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