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. M&R PARTNERSHIP Statement of Partners' Equity For Year Ended December 31 Initial partnership investments Net income Total net income Total Mike Rachel Total 0 0 0 0 0 M&R PARTNERSHIP Statement of Partners' Equity For Year Ended December 31 Initial partnership investments Net income Total net income Total Mike Rachel Total 0 0 0 0 0 0 $ 0 $ 0 $ 0