Mike and Rachel form M&R Partnership. Mike invests $59.000 cash and Rachel invests $79,000 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 $10,900 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 $49,000. Also, Mike withdrew $2,900 cash from the partnership and Rachel withdrew $3,900. 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.)