Mike and Rachel form M&R Partnership. Mike invests $57,000 cash and Rachel invests $77,000 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 $10,700 per year; both get an annual interest allowance of 12% on their initial investment; and any remaining balance is shared equally. Net income for the year is $47,000. Also, Mike withdrew $2,700 cash from the partnership and Rachel withdrew $3,700. 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 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 n 0 0 0 0 $ 0 $ 0 $ 0