The partnership of Abraham Associates began operations on January 1, 2010, with contributions from two partners as follows: Waverley $50,000 Marquez 60,000 The following additional partner transactions took place during the year: (1) In early January, Houston is admitted to the partnership by contributing $40,000 cash for a 32% interest. (2) Net income of $100,000 was earned in 2010. In addition, Waverley 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 Houston. (3) The partners withdrawals are equal to half of their respective distributions of income after salary (i.e., half their respective portions of the $60,000). Required: Prepare a statement of partnership equity for the year ended December 31, 2010.