Exercise 12-8 (Algo) Preparing a statement of partner's equity LO P2 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.) Answer is complete but not entirely correct. Answer is complete but not entirely correct