The partnership of Angel Investor Associates began operations on January $1,20$Y$5,$ with contributions from two partners as follows:

Dennis Overton

$$31,500$

Ben Testerman

$76,860$

The following additional partner transactions took place during the year:

In early January, Randy Campbell is admitted to the partnership by contributing $$17,640$ cash for a $14\%$ interest.

Net income of $$160,000$ was earned in $20$Y$5.$ In addition, Dennis Overton received a salary allowance of $$40,000$ for the year. The three partners

agree to an income$-$sharing ratio equal to their capital balances after admitting campbell.

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 $31,20$y$5.$ If an amount box does not require an entry, leave it blank.

Angel Investor Associates

Statement of Partnership Equity

For the Year Ended December $31,20$ Y$5$

Balances, January

$20$ Y

s

Dennis Overton, Capital Ben Testerman, Capital

Admission of Randy Campbell

Salary allowance

Remaining income

Partner withdrawals

Randy Campbell, Capital

Total Partnership Capital

$$

$$