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 $31.$

Note: Do not round intermediate calculations. Enter all allowances as positive values. Enter losses and withdrawals as negative values.

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