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	$39,150
Ben Testerman	74,250

The following additional partner transactions took place during the year:

1. In early January, Randy Campbell is admitted to the partnership by contributing $21,600 cash for a 16% 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
Admission of Randy Campbell
Salary allowance
Remaining income
Partner withdrawals
Balances, December 31, 20Y5