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

$$180,000$

$120,000$

Ben Testerman

The following additional partner transactions took place during the year:

In early January, Randy Campbell is admitted to the partnership by contributing $$75,000$ cash for a $20\%$ interest. 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 box does not require an entry, leave it blank.

Angel Investor Associates

Statement of Partnership Equity

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

Balances, January $1,20Y5$

Admission of Randy Campbell

Salary allowance

Remaining income

Partner withdrawals

Balances, December $31,20Y5$

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