12:02 Problem 4 (15 points) The partnership agreement states that John receives 2/3 of the profit, and Jane receives 1/3 of the profit. In the first year of operations the partnership had $60,000 net income. Record the journal entry for the net income distribution. Account Title Debit Cred Problem 5 (10 points) John decides to leave the partnership. He accepts his capital balance in cash. Record the journal entry for this transaction. Account Title Debit Cred Problem 6 (10 points) A partnership has net income of $50,000. Partnership equity was $100,000 at the beginning of the year, and $120,000 at the end of the year. Calculate the partnership's return on equity. Essay (10 points) Identify the three categories of contingencies, and explain how they are recorded. Ailearn-southern.wvnet.edu