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. (Do not round intermediate calculations. Enter all allowances as positive values. Enter losses and withdrawals as negative values.) M&R PARTNERSHIP Statement of Partners' Equity For Year Ended December 31 Initial partnership investments Net income Total net income Total Mike Rachel Total