The Partnership of Miner Company Began Operations on January 1 $\begin{array}{|l|r|}\hline \text { Waverley } & \$ 35,000 \\\hline \text { Marquez } & 40,000 \\\hline\end{array}$

Essay

The partnership of Miner Company began operations on January 1, with contributions as follows:? $\begin{array}{|l|r|}\hline \text { Waverley } & \$ 35,000 \\\hline \text { Marquez } & 40,000 \\\hline\end{array}$ The following additional partner transactions took place during the year:
(1)In early January, Houston is admitted to the partnership by contributing $25,000 cash for a 25% interest.
(2)Net income of $160,000 was earned. In addition, Waverley 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 Houston.
(3)The partners' withdrawals are equal to half of their respective distributions of income after salary .

?RequiredPrepare a statement of partnership equity for the year ended December 31.