Partner bonuses, statement of partnership equity The partnership of Angel Investor Associates began operations on January 1, 2045, with contributions from two partners as follows: Dennis Overton $180,000 Ben Testerman 120,000 The following additional partner transactions took place during the yean 1. In early January, Randy Campbell is admitted to the partnership by contributing $75,000 cash for a 20% interest 2. Net Income of $150,000 was eamed in 2005. In addition, Dennis Overton received a story allowance of $40,000 for the year. The three partners agree to an income that realto 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 or partnership equity for the year ended December 31, 2005. Angel Investor Associates Statement of Partnership Equity For the Year Ended December 31, 2015 Dennis Overton, Capital Ben Testerman, Capital Randy Campbell, Capital Total Partnership Capital Balances, January 1, 2045 Admission of Randy Campbell Salary allowance Remaining income Partner withdrawals Balances, December 31, 2045