On January 1 Allen Ratcliff, Ron Jameson, and Samuel Knecke formed a partnership. The partners contributed the following in cash: Ratcliff, $22,000; Jameson, $25,000; and Knecke, $18,000. The partners agree to divide net income (or net losses) according to the percentage of their initial cash investment [Do NOT round the percentages]. The partners agree that during the year they would withdraw the following monthly amounts: Ratcliff, $4,000; Jameson, $5,000; and Knecke, $3,500. At year end, on December 31, the business had revenues of $350,000 and expenses of $178,000.

Using this information create a Statement of Partners Equity as of December 31.