Mike and Rachel form M&R Partnership. Mike invests $40.000 cash and Rachel invests $60,000 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 $9,000 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 $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. Enter all allowances as positlve 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 40,000 80.000 Net income Salary allowances 5.000 9,000 Interest allowances 4.000 6,000 Total 100.000 Total net income Total Less partners' withdrawals Ending capital balances 9,000 49,000 1,000 48,000 15.000 75,000 2,000 73,000 24.000 124.000 3,000 121,000 $ $ $