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:

Dennis Overton	$43,520
Ben Testerman	68,000

The following additional partner transactions took place during the year:

1. In early January, Randy Campbell is admitted to the partnership by contributing $24,480 cash for a 18% interest.

2. Net income of $170,000 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, 20Y5. If an amount box does not require an entry, leave it blank.

	Dennis Overton, Capital	Ben Testerman, Capital	Randy Campbell, Capital	Total Partnership Capital
Balances, January 1, 20Y5	$fill in the blank 1	$fill in the blank 2	$fill in the blank 3	$fill in the blank 4
Admission of Randy Campbell	fill in the blank 5	fill in the blank 6	fill in the blank 7	fill in the blank 8
Salary allowance	fill in the blank 9	fill in the blank 10	fill in the blank 11	fill in the blank 12
Remaining income	fill in the blank 13	fill in the blank 14	fill in the blank 15	fill in the blank 16
Partner withdrawals	fill in the blank 17	fill in the blank 18	fill in the blank 19	fill in the blank 20
Balances, December 31, 20Y5	$fill in the blank 21	$fill in the blank 22	$fill in the blank 23	$fill in the blank 24