Mike and Rachel form M&R Partnership. Mike invests $52,000 cash and Rachel invests $72,000 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 $10,200 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 $42,000. Also, Mike withdrew $2,200 cash from the partnership and Rachel withdrew $3,200.

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.)

I just can't figure out how to find the balance allocated in this problem. Any tips?