Partner bonuses, statement of partnership equity The partnership of Angel Investor Associates began operations on January 1, 20Y5, with contributions from two partners as follows: Line Item Description Amount Dennis Overton $65,720 Ben Testerman 110,240 The following additional partner transactions took place during the year: 1. In early January, Randy Campbell is admitted to the partnership by contributing $36,040 cash for a 17% interest. 2. Net income of $270,000 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 ratio equal to their capital balances after admitting Campbell. 3. The partners' withdrawals are equal to half of the increase in their capital