Mike and Rachel form M&R Partnership. Mike invests $45,000 cash and Rachel invests $65,000 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 $9,500 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 $35,000. Also, Mike withdrew $1,500 cash from the partnership and Rachel withdrew $2,500. 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.)