Partner Bonuses, Statement of Partners' Equity The partnership of Angel Investor Associates began operations on January 1, 2012, with contributions from two partners as follows: The following additional partner transactions took place during the year: 1. In early January, Lance McGinnis is admitted to the partnership by contributing $50,000 cash for a 20% interest. 2. Net income of $250,000 was earned in 2012. In addition, Scott Wilson received a salary allowance of $45,000 for the year. The three partners agree to an income-sharing ratio equal to their capital balances after admitting McGinnis. 3. The partners' withdrawals are equal to half of the increase in their capital balances from salary allowance and income. Prepare a statement of partnership equity for the year ended December 31, 2012. If an amount is zero, enter in "0". Angel Investor Associates Statement of Partnership Equity For the Year Ended December 31,2012 Scott Wilson, Capital: Partnership capital, January 1, 2012 ___?___ Admission of Lance McGinnis ___?___ Salary allowance ___?___ Remaining income ___?___ Less: Partner withdrawals ___?___ Partnership capital, December 31, 2012 ___?___ Michael Goforth, Capital: Partnership capital, January 1, 2012 ___?___ Admission of Lance McGinnis ___?___ Salary allowance ___?___ Remaining income ___?___ Less: Partner withdrawals ___?___ Partnership capital, December 31, 2012 ___?___ Lance McGinnis, Capital: Partnership capital, January 1, 2012 ___?___ Admission of Lance McGinnis ___?___ Salary allowance ___?___ Remaining income ___?___ Less: Partner withdrawals ___?___ Partnership capital, December 31, 2012 ___?___ Total Partnership Capital: Partnership capital, January 1, 2012 ___?___ Admission of Lance McGinnis ___?___ Salary allowance ___?___ Remaining income ___?___ Less: Partner withdrawals ___?___ Partnership capital, December 31, 2012 ___?___