Partner bonuses, statement of partnership equity The partnership of Angel Investor Associates began operations on January 1, 20Y5, with contributions from two partners as follows: Dennis Overton...

Extracted text: Partner bonuses, statement of partnership equity The partnership of Angel Investor Associates began operations on January 1, 20Y5, with contributions from two partners as follows: Dennis Overton $43,860 Ben Testerman 60,630 The following additional partner transactions took place during the year: 1. In early January, Randy Campbell is admitted to the partnership by contributing $24,510 cash for a 19% interest. 2. Net income of $170,000 was earned in 20Y5. 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. 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, 20Y5. 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, 20Y5 Dennis Overton, Capital Ben Testerman, Capital Randy Campbell, Capital Total Partnership Capital Balances, January 1, 20Y5 Admission of Randy Campbell Salary allowance Remaining income Partner withdrawals Balances, December 31, 20Y5