2. Various partnership transactions Johann, Frederick, and Sebastian are in a partnership and currently have capital balances of $20,000, $37,000, and $48,000, respectively. The partnership agreement states the following instructions for the sharing of profits and losses: 1. The partners receive the following salary allowances: Johann, $25,000; Frederick, $46,000, Sebastian, zero. 2. The partners each receive 20% of their capital balance. 3. The remainder is allocated based on the partner's allocation according to their share of the capital balance. a) Determine each partner's share of year ending 2020 $80,000 net income. Johann Net income (loss) Salary allowances: Johann Frederick Sebastian Capital allocation: Johann Frederick Sebastian Total salary and capital allocation Net income (loss) remaining for allocation Remainder shared according to capital balance: Johann Frederick Sebastian Total allocation Net income (loss) remaining for allocation Net income (loss) allocated to each partner Frederick b) Journalize the closing entry to allocate net income for the year 2020. Use cell references for the amounts. Date Accounts and Explanations Sebastian Total Debit Credit c) Johann decided to sell all of his share of the partnership to Eva for $50,000. The other partners approved. Journalize the transaction, which occurred on Jan 15, 2021. Datel Accounts and Explanations d) Calculate the balance of each partner's capital account as of Jan 30, 2021. Johann, Capital) Frederick, Capital Sebastian, Capital Eva, Capital Debit Credit e) Johann, Frederick, and Eva agreed to take on a new partner, Arnold. Arnold contributed $150,000 cash for a 1/4 share in the business. All partners will share profits and losses equally. Journalize the transaction to add Arnold to the new partnership as of Mar 30, 2021. Don't worry about crazy decimals. Date Accounts and Explanations Debit Credit f) On April 30, 2021, the partners decide they made a huge mistake and can't look at each other a single minute more. They liquidate the business, receiving $150,000 for all of the assets. 1) Complete the missing pieces of the company's balance sheet before the liquidation. Cash Equipment Inventory Assets Swiss Family Skaters Balance Sheet As of April 30, 2021 $ 250,000 Accounts payable 103,000 5,000 Liabilities $ 23,000 Partners' Equity Total Partners' Equity Total Assets $ 358,000 Total Liabilities and Partners' Equity $ 23,000 2) Journalize the liquidation of the business Date Accounts and Explanations Debit Credit 22 a) 23 Date 24 25 26 27 28 29 2021 Account Titles & Explanation Debit Credit 20-Sep Cash (2000000+2000000) Land Equipment Notes Payable Billy Bob's Capital 4,000,000 7,500,000 4,000,000 3,000,000 6,500,000 6,000,000 30 31 Junior's Capital (To record cash and assets contributed by partners) 32 33 b) Cash (2000000+2000000) 34 Land 35 Equipment 36 Total Assets 4,000,000 7,500,000 4,000,000 15,500,000 37 38 Notes Payable 39 Total Liabilities 3,000,000 3,000,000 40 41 Billy Bob's Capital 6,500,000 42 23 Junior's Capital 6,000,000 12,500,000 43 44 45 46 47 48 00 Total Equity Note; As Per Chegg Policy we are allowed to answer first question only if it has more than 1 different