Mike and Rachel form M&R Partnership. Mike invests $42,000 cash and Rachel invests $62,000 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 $9,200 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 $32,000. Also, Mike withdrew $1,200 cash from the partnership and Rachel withdrew $2,200. Prepare a statement of partners' equity for the year ended December 31. (Do not round intermediate calculations. Enter all allowances as positive values. Enter losses as negative values.) M&R PARTNERSHIP Statement of Partners' Equity For Year Ended December 31 Initial partnership investments Net income Salary allowances Beginning capital balances Total net income Total Less partners' withdrawals Ending capital balances Mike Rachel Total 0 0 0 0 0 $ 0 $ 0 $ 0