neip Save & Exit Submit Check my work Mike and Rachel form M&R Partnership. Mike invests $40,000 cash and Rachel invests $60,000 cash. The partners agree to share income as follows: Mike gets a salary allowance of $5,000 per year and Rachel gets a salary allowance of $9,000 per year: both get an annual interest allowance of 10% on their initial investment; and any remaining balance is shared equally Net income for the year is $30,000. Also, Mike withdrew $1,000 cash from the partnership and Rachel withdrew $2,000. Prepare a statement of partners' equity for the year ended December 31. (Do not round Intermediate calculations. Enter all allowances as positive values. Enter losses and withdrawals as negative values.) M&R PARTNERSHIP Statement of Partners' Equity For Year Ended December 31 Mike Rachel Initial partnership investments Not income Total Total net income Total