On January 1, Eli Richards and Nick Rice form R & R Partnership. Richards contributes $60,000 cash and Rice contributes $40,000 cash to the partnership. They agree to divide net income (and net loss) on the basis of the percent of their initial investment. During the year the partners agree that Richards will withdraw $1,000 per month and Rice will withdraw $650 per month in cash. On December 31, the business had net income of $30,000. Total partners' equity as of December 31 would be ....