Exercise 12-8 (Algo) Preparing a statement of partner's equity LO P2 Mike and Rachel form M\&R Partnership. Mike invests $46,000 cash and Rachel invests $66,000 cash. The partners agree to share income as follows: Mike gets a salary allowance of $5,000 per year and Rachel gets a salary allowance of $9,600 per year, both get an annual interest allowance of 10% on their initial investment, and any remaining balance is shared equally Net income for the year is $36,000. Also, Mike withdrew \$1,600 cash from the partnership and Rachel withdrew \$2,600 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. 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