Mike and Rachel form M&R Partnership. Mike invests $49,000 cash and Rachel invests $69,000 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 $9,900 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 $39,000. Also, Mike withdrew $1,900 cash from the partnership and Rachel withdrew $2,900. 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.) Answer is complete but not entirely correct. M&R PARTNERSHIP Statement of Partners' Equity For Year Ended December 31 Initial partnership investments Mike 49,000 Rachel Total 69,000 118,000 Net income Salary allowances 5,100 9,900 Interest allowances 4,900 6,900 Ending capital balances 39,000 52,200 Total net income 49,000 69,000 118,000 Total 98,000 138,000 236,000 Less partners' withdrawals (1,900) (2,900) (4,800) Ending capital balances 96,100 $ 135,100 $ 231,200