The partnership of Angel Investor Associates began operations on January 1, 2010, with contributions from two partners as follows:
Jen Wilson $45,000
Teresa McDonald 55,000
The following additional partner transactions took place during the year:
1. In early January, Jaime Holden is admitted to the partnership by contributing $25,000 cash for a 20% interest.
2. Net income of $160,000 was earned in 2010. In addition, Jen Wilson received a salary allowance of $30,000 for the year. The three partners agree to an income-sharing ratio equal to their capital balances after admitting Holden.
3. The partners' withdrawals are equal to half of the increase in their capital balances from income.
Prepare a statement of partnership equity for the year ended December 31, 2010.