Exit Submit Mike and Rachel form M&R Partnership. Mike invests $56,000 cash and Rachel invests 576,000 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 $10,600 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 $46,000. Also, Mike withdrew $2,600 cash from the partnership and Rachel withdrew $3,600. 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 as negative values.) MSR PARTNERSHIP Statement of Partners' Equity For Year Ended December 31 Mike Rachel Initial partnership investments Not income Total 0 Total net income Total 0 0 0 0 0