Mike and Rachel form M&R Partnership. Mike invests $40,000 cash and Rachel invests $60,000 cash. The partners ag income as follows: Mike gets a salary allowance of $5,000 per year and Rachel gets a salary allowance of $9,000 per an annual interest allowance of 10% on their initial investment; and any remaining balance is shared equally. Net incom $30,000. Also, Mike withdrew $1,000 cash from the partnership and Rachel withdrew $2,000. Prepare a statement of partners' equity for the year ended December 31. (Do not round intermediate calculations. E allowances as positive values. Enter losses and withdrawals as negative values.) M&R PARTNERSHIP Statement of Partners' Equity For Year Ended December 31 Mike Rachel Initial partnership investments Net income Total 0 Total net income 0 0 OOOO Total 0 $ 0 $ $ . Mike invests $40,000 cash and Rachel invests $60,000 cash. The partners agree to share allowance of $5,000 per year and Rachel gets a salary allowance of $9,000 per year, both get their initial investment; and any remaining balance is shared equally. Net income for the year is cash from the partnership and Rachel withdrew $2,000. ty for the year ended December 31. (Do not round intermediate calculations. Enter all losses and withdrawals as negative values.) TNERSHIP Partners' Equity ed December 31 Mike Rachel Total 0 0 0 0 0 0 0 0 $ 0 $