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Mike and Rachel form M\&R Parthership. Mike invests $60,000 cash and Rachel invests $80,000 cash. The parthers agree to share income as follows: Mike gets a salary allowance of $5.000 per year and Rachel gets a salary allowance of $11,000 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 $50,000. Also, Mike withdrew $3,000 cash from the partnership and Rachel withdrew $4,000. Prepare a statement of parthers' equity for the year ended December 31 . Note: Do not round intermediate calculations. Enter all allowances as positive values. Enter losses and withdrawols as negative volues