1) With the consent of the other partners, Parker decides to sell one half of his $30,000 interest in the ABC Partnership to Lopez privately for $14,000.Prepare the journal entry to record the transaction.

2)Mung and Long allow Kang to join their partnership for a $50,000 cash investment. The recorded value of the partnership equity being purchased by Kang is $40,000. Assume the partners have no agreement for sharing profits and losses. Prepare the journal entry to record the admission of Kang to the partnership.

3) Rakai Corporation, a public corporation reporting under IFRS, reported the following selected transactions during 2020 (its first year of operation):

Jan1Issued 20,000 common shares at $15 per share.

Jun15Issued 2,000 common shares with a market price of $14 per share in exchange for equipment that had a fair market value $27,000.

Sep 30The Board of Directors declared a 10% common stock dividend. The market price of the common shares on this date was $12 per share.

Oct10The 10% common stock dividend was distributed.

Nov 30The Board of Directors declared a cash dividend of $0.22 per share to shareholders of record on December 15. The dividend was paid on December 20.

Prepare the journal entries to record the above transactions.