Mike and Rachel form M&R Partnership. Mike invests $46,000 cash and Rachel invests $66,000 cash. The partners agree to share Ollows: Mike gets a salary allowance of $5,000 per year and Rachel gets a salary allowance of $9,600 per year: both gel an annual interest allowance of 10% on their initial investment, and any remaining balance is shared equally. Net income for the year $36,000. Also, Mike withdrew $1,600 cash from the partnership and Rachel withdrew $2,600. 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 Mike Rachel Initial partnership Investments Net Income Total Total net income Total 05