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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

$$51,250$

Ben Testerman

$125,050$

The following additional partner transactions took place during the year:

In early January, Randy Campbell is admitted to the partnership by contributing $$28,700$ cash for a $14\%$ interest.

Net income of $$260,000$ was earned in $20Y5.$ In addition, Dennis Overton received a salary allowance of $$60,000$ for the year. The three partners sharing ratio equal to their capital balances after admitting Campbell.

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 $31,20Y5$

Balances, January $1,20Y5$

Dennis Overton, Capital

Ben Testerman, Capital

Randy Campbell, Capital

Total Partnership Capital