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

$$29,250$

Ben Testerman

$71,370$

The following additional partner transactions took place during the year:

In early January, Randy Campbell is admitted to the partnership by contributing $$16,380$ cash for a $14\%$ interest.

Net income of $$150,000$ was earned in $20Y5.$ In addition, Dennis Overton received a salary allowance of $$30,000$ 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 $31,20$y$5.$ If an amount bor does not require an entry,

leave it blank.

Angel Investor Associates

Statement of Partnership Equity

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

Line Item Description

Dennis

Querton,

Capital

Balances, January $1,20$Y$5$

Admission of Randy Campbell

Salary allowance

Remaining income

Partner withdrawals

Balances, December $31,20y5$$

$29,350$

$29,625$

$$71,370$$

Capital

Total

$$$

$$

$$

$x$

X

x