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

Print ltem

$$38,400$

Ben Testerman

$132,480$

The following additional partner transactions took place during the year:

In early January, Randy Campbell is admitted to the partnership by contributing $$21,120$ cash for a $11\%$ interest.

Net income of $$250,000$ was earned in $20Y5.$ In addition, Dennis Overton received a salary allowance of $$60,000$ for the year. The three partners agree to an income$-$sharing rat 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 Decemifer $31,20$Y$5.$ If an amount box does not require an entry, leave it blank.

Angel Investor Associates

Statement of Partnership Equity

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