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