Grow Rite is a partnership owned by T. Tree and B. Branch. At January 1, 2022 the partner's capital accounts were: T. Tree, $22,500 and B. Branch $29,300.

During 2020, Tree contributed $8,200 in cash to the business and Branch contributed $4,000. Each partner withdrew $8,000 during the year and the net income was $65,000. The partners share net income based on the following income ratio:

$15,000 each (salary)

3:1 ratio (Tree:Branch) for the remainder.

Prepare the Statement of Partners' Equity for the year ended December 31, 2022.