Partner bonuses, statement of partnership equity The partnership of Angel Investor Associates began operations on January 1, 2045, with contributions from two partners as follows: Dennis Overton $180,000 120,000 Ben Testerman The following additional partner transactions took place during the year: 1. In early January, Randy Campbell is admitted to the partnership by contributing $75,000 cash for a 20% interest. 2. Net Income of $150,000 was earned in 20Y5. In addition, Dennis Overton received a salary allowance of $40,000 for the year. The three partners agree to an income-sharing ratio equal to their capital balances after admitting Campbell 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, 2015 Angel Investor Associates Statement of Partnership Equity For the Year Ended December 11, 20YS Dennis Overton Capital Ben Testerman Capital Randy Campbell, Capital Balances, January 1, 2015 Admission of Randy Campbell Total Partnership Capital Salary allowance Remaining income Partner withdrawals Balances, December 31, 2015 Check My Work Previous Next >