1. Original investment of journaling partner

Austin Fisher contributed land, inventory, and $19,000 in cash to a partnership. The land had a book value of $72,000 and a market value of $136,000. The inventory had a book value of $73,100 and a market value of $68,000. The partnership also assumed a $52,000 note payable owed by Fisher that was originally used to purchase the land.

Required:

Provide the journal entry for Fisher's contribution to the association. If a quantity box does not require an entry, leave it blank.

2. Net income of the joint venture

Required:

Steve Jack and Chelsy Dane formed a partnership, dividing the income as follows:

Jack's annual salary allowance of $126,000.

Interest of 7% on the principal balance of each partner as of January 1.

Any remaining net income divided between Jack and Dane, 1:2.

Jack and Dane had $50,000 and $112,600, respectively, in their principal balances on January 1. Net income for the year was $225,000. How much is distributed to Jack and Dane?

Note : Calculate the participation of the company with two decimal places. Round final answers to the nearest whole dollar.
jack: $
Danish: $

3. Revaluation and Contribution of Assets to a Company

Demarco Lee invested $58,000 in the partnership of Camden & Sayler for an equity of $58,000. Prior to the investment, the equipment was revalued to a market value of $386,000 from a book value of $299,000. Kevin Camden and Chloe Sayler share the net income at a 1:2 ratio.

Required:

to. Provide the journal entry for the equipment revaluation.

For a compound transaction, if an amount box does not require an entry, leave it blank.

b. Provide the journal entry to admit Lee.

4. Partner bonus

Lilly has a principal balance of $68,000 after adjusting the assets for fair market value. Van Ness contributes $39,000 to receive a 45% interest in a new partnership with Lilly.

Determine the amount and recipient of the partner bonus.

bonus amount	ps
Bonus Recipient

5. Liquidation of Companies

Before liquidating their partnership, Fowler and Dunn had capital accounts of $31,000 and $45,000, respectively. Prior to liquidation, the company had no cash assets other than those obtained from the sale of assets. These partnership assets were sold for $91,000. The partnership had $3,000 of liabilities. Fowler and Dunn share the income and losses equally.

Determine the amount Fowler received as a final distribution from the partnership's liquidation.
$

6. Liquidation of Companies—Deficiency

Before liquidating their partnership, Short and Bain had capital accounts of $10,000 and $37,000, respectively. The assets of the partnership were sold for $17,000. The society had no obligations. Short and Bain share the income and losses equally.

Required:

to. Determine the amount of Short's deficiency.
$

b. Determine the amount distributed to Bain, assuming Short is unable to satisfy the deficiency.
$