1. A partnership comprised of two partners has the following information regarding income and loss allocation: Partner #1 Partner #2 Initial investment 30,000 40,000 Salary allowance 25,000 20,000 Interest allowance in initial investment 10% 10% Remainder 50% 50% In its first year of business, the partnership generates an income of 80,000. Prepare a schedule showing how much income should be allocated to each partner 2 On March 31, Sam Smith sells 100% of his interest in a partnership to Jack Jones for S100,000. All existing partners have agreed to admit Jack Jones as a partner. As of March 31, Sam's capital account balance is $90,000. Prepare any necessary journal entries on the books of the partnership on March 31. 3. On June 30, a partnership has total partnership capital as follows: Partner =1, capital 100,000 Partner 2, capital 200.000 Total partnership capital 300,000 The partners allocate income and losses 40% to partner =1 and 60% to partner #2. On June 30, the partners agree to admit a new partner (partner #3) who pays $50,000 to the partnership for a 12% interest in the partnership. Prepare any necessary joumal entries on the books of the partnership on June 30