Partner bonuses, statement of partnership equity

Thepartnershipof Angel Investor Associates began operations on January 1, 20Y5, with contributions from two partners as follows:

Dennis Overton$101,500Ben Testerman44,660The following additional partner transactions took place during the year:

1.In early January, Randy Campbell is admitted to the partnership by contributing $56,840 cash for a 28% interest.

2.Net income of $260,000 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 balances from salary allowance and income.

Prepare astatement of partnership equityfor the year ended December 31, 20Y5. If an amount box does not require an entry, leave it blank.

Angel Investor AssociatesStatement of Partnership EquityFor the Year Ended December 31, 20Y5Dennis Overton, CapitalBen Testerman, CapitalRandy Campbell, CapitalTotal Partnership CapitalBalances, January 1, 20Y5$

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Admission of Randy Campbellfill in the blank 5

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Salary allowancefill in the blank 9

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Remaining incomefill in the blank 13

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Partner withdrawalsfill in the blank 17

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Balances, December 31, 20Y5$

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