1-Journalizing Partner's Original Investment Reese Howell contributed land, inventory, and $30,000 cash to a partnership. The land had a book value of $64,000 and a market value of $122,000. The inventory had a book value of $54,200 and a market value of $49,900. The partnership also assumed a $46,000 note payable owed by Howell that was used originally to purchase the land. Hide Provide the journal entry for Howell's contribution to the partnership. If an amount box does not require an entry, leave it blank.

2.Dividing Partnership Net Income Steve Queen and Chelsy Bernard formed a partnership, dividing income as follows: Annual salary allowance to Queen of $43,000. Interest of 7% on each partner's capital balance on January 1. Any remaining net income divided equally. Bernard and Queen had $22,000 and $104,000, respectively, in their January 1 capital balances. Net income for the year was $160,000. How much net income should be distributed to Queen?

3.evaluing and Contributing Assets to a Partnership Blake Nelson invested $35,000 in the Lawrence & Kerry partnership for ownership equity of $35,000. Prior to the investment, land was revalued to a market value of $267,000 from a book value of $219,000. Lynne Lawrence and Tim Kerry share net income in a 1:3 ratio. Hide a. Provide the journal entry for the revaluation of land. For a compound transaction, if an amount box does not require an entry, leave it blank. Hide b. Provide the journal entry to admit Nelson.

4.Partner Bonus Blair has a capital balance of $117,000 after adjusting assets to fair market value. Rojas contributes $66,000 to receive a 40% interest in a new partnership with Blair. Determine the amount and recipient of the partner bonus. Amount of bonus $ Recipient of bonus

5.Liquidating Partnerships Prior to liquidating their partnership, Ellis and Ericson had capital accounts of $61,000 and $92,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $171,000. The partnership had $5,000 of liabilities. Ellis and Ericson share income and losses equally. Determine the amount received by Ericson as a final distribution from liquidation of the partnership. $

6.Liquidating PartnershipsDeficiency Prior to liquidating their partnership, Short and Haines had capital accounts of $25,000 and $87,000, respectively. The partnership assets were sold for $40,000. The partnership had no liabilities. Short and Haines share income and losses equally. a. Determine the amount of Short's deficiency. $ b. Determine the amount distributed to Haines, assuming Short is unable to satisfy the deficiency. $