1) A partnership recorded the following journal entry: Cash...70,000 B.Tanner, Capital...10,000 R.Jackson, Capital...10,000 H.Rivera, Capital...90,000 This entry reflects: a. Acceptance of a new partner who invests $70,000 and receives a 20,000 bonus. b. Withdraw of a parner who pays a $10,000 bonus to each of the other partners. c. Addition of a partner who pays a bonus to each of the other partners. d. Additional investment into the partnership by Tanner and Jackson. E. Withdrawl of $10,000 each by Tanner and Jackson upon the admission of a new partner. 2) Groh and Jackson are parnters. Groh's capital balance in the partnership is $64,000, and Jackson's capital balance $61,000. Groh and Jackson have agreed to share equally in income or loss. Groh and Jackson agree to accept Block with a 20% interest. Block will invest $35,000 in the partnership. The bonus that is granted to Groh and Jackson equals: a. $1,500 each b. $1,875 each c. $3,750 each d. 1,920 to Groh; $1,830 to Jackson. e. $0, because Groh and Jackson actually grant a bonus to Block. 3) Groh and Jackson are partners. Groh's capital balance in the partnership is $64,000, and Jackson's capital balance $61,000. Groh and Jackson have agreed to share equally in income or loss. Groh and Jackson agree to accept Block with a 25% interest. Block will invest $35,000 in the partnership. The bonus that is granted to Block equals: a.$5,000 b.$2,500 c.$6,667 d.$3,333 e.$0, because Block must actually grant a bonus to Groh and Jackson. 4) McCarthy, Harris, and Hussin are dissolving their partnerhsip. Their partnership agreement allocates income and losses equally among the partners. The current period's ending capital account balances are McCarthy, $15,000, Harris, $15,000, Hussin, $(2,000). After all the assets are sold and liabilities are paid, but before any contributions to cover any deficiencies, there is $28,000 in cash to be distributed. Hussin pays $2,000 to cover the deficiency in his account. The general journal entry to record the final distribtion would be: a. McCarthy, Capital...15,000 Harris, Capital...15,000 Cash...30,000 b. McCarthy, Capital...14,000 Harris, Capital...14,000 Cash...28,000 c. McCarthy, Capital...15,000 Harris, Capital...15,000 Hussin, Capital...2,000 Cash...28,000 d. Cash...28,000 Hussin, Capital...2,000 McCarthy...Capital...15,000 Harris, Capital...15,000 e. McCarthy, Capital...9,334 Harris, capital...9,333 Hussin, Capital...9,333 Cash...28,000 5)McCarthy, Harris and Hussin are dissolving their partnership. Their partnership agreement allocates each partner 1/3 of all income and losses. The current period's ending capital account balances are McCarthy, $13,000; Harris, $13,000; and Hussin, $(2,000). After all assets are sold and liabilities are paid, there is $24,000 in cash to be distributed. Hussin is unable to pay the deficiency. The journal entry to record the distribution should be: a. McCarthy, Capital...8,000 Harris, Capital...8,000 Hussin, Capital...8,000 Cash...24,000 b. McCarthy, Capital...12,000 Harris, Capital...12,000 Cash...24,000 c. McCarthy, Capital...13,000 Harris, Capital...13,000 Hussin, Capital...2,000 Cash...24,000 d. Cash...24,000 Hussin, Capital...2,000 McCarthy, Capital...13,000 Harris, Capital...13,000 e. cash...24,000 McCarthy, Capital...8,000 Harris, Capital...8,000 Hussin, Capital...8,000