The partnership

An unincorporated business form consisting of two or more persons conducting business as co-owners for profit.

of Angel Investor Associates began operations on January 1, 2016, with contributions from two partners as follows:

Dennis Overton	$166,500
Ben Testerman	166,500

The following additional partner transactions took place during the year:

1.	In early January, Randy Campbell is admitted to the partnership by contributing $83,250 cash for a 20% interest.
2.	Net income of $143,600 was earned in 2016. In addition, Dennis Overton received a salary allowance of $39,400 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

A summary of the changes in each partners capital in a partnership that have occurred during a specific period of time.

for the year ended December 31, 2016. For those boxes in which you must enter negative numbers, use a minus sign.

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Catrina Santan contributed a patent, accounts receivable, and $22,110 cash to a partnership. The patent had a book value of $7,980. However, the tehcnology covered by the patent appeard to have significant market potential. Thus, the patent was appraised at $90,080. The accounts receivable control account was $34,890, with an allowance for doubtful account of $1,970. The partnership also assumed a $10,570 account payable owed to a Santana supplier.

On December 31, provide the journal entry.