Partner bonuses, statement of partnership equity

The partnership of Angel Investor Associates began operations on January $1,20$y$5,$ with contributions from two partners as

follows:

Dennis Overton

$$56,000$

Ben Testerman

$87,500$

The following additional partner transactions took place during the year:

In early January, Randy Campbell is admitted to the partnership by contributing $$31,500$ cash for a $18\%$ interest.

Net income of $$220,000$ was earned in $20$ Y$5.$ In addition, Dennis Overton received a salary allowance of $$50,000$ for the year.

The three partners agree to an income$-$sharing ratio equal to their capital balances after admitting Campbell.

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 $31,20$V$5.$ If an amount bon does not require an entry,

leave it blank.

Angel Investor Associates

Statement of Partnership Equity

For the Year Ended December $31,20$ Y$5$