Mike and Rachel form M&R Partnership. Mike invests $$56,000$ cash and Rachel invests $$76,000$ cash. The partners agree to share income as follows: Mike gets a salary allowance of $$5,000$ per year and Rachel gets a salary allowance of $$10,600$ 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 $$46,000.$ Also, Mike withdrew $$2,600$ cash from the partnership and Rachel withdrew $$3,600.$

Prepare a statement of partners' equity for the year ended December $31.$

Note: Do not round intermediate calculations. Enter all allowances as positive values. Enter losses and withdrawals as negative values.