25) Steve owns 64% and Mark owns 36% of a partnership business. They purchase equipment with a suggested value of $9600. The current market value of the equipment at the time of purchase was $9100. At the time of the balance sheet preparation, depreciation of $160 was recorded. Based on the information provided, which of the following is TRUE of the partnership?

A) The Equipment account will be debited at $9100 on the date of purchase.

B) The Equipment account will be debited at $8940 on the date of purchase.

C) The Equipment account will be debited at $9600 on the date of purchase.

D) The Equipment account will be debited at $9440 on the date of purchase.

E) None of the above

26) Edwin and Darren have decided to form a partnership. Edwin contributes $80,000 cash and merchandise inventory with a current market value of $17,000. Darren contributes $2400 cash and office furniture with a current market value of $3200. When journalizing these transactions ________.

A) Office Furniture will be debited for $1070

B) Office Furniture will be credited for $3200

C) Office Furniture will be debited for $3200

D) Office Furniture will be credited for $1070

E) None of the above

27) Bill and Bob share profits of their partnership in the ratio of 6:1 respectively. If the net income of the firm is $29,000, calculate Bill's share of net income. (Do not round any intermediate calculations.)

A) $20,714; B) $4143; C) $29,000; D) $24,857; E) None of the above

28) Albert, Billy, and Cathy share profits and losses of their partnership as 1:4:3, respectively. If the net income is $30,000, calculate Albert's share of the profits. (Do not round any intermediate calculations.)

A) $7500; B) $11,250; C) $15,000; D) $3750; E) None of the above

29) Andre, Beau, and Caroline share profits and losses of their partnership in a 3:3:7 ratio respectively. If the net income is $900,000, calculate Caroline's share of the profits. (Do not round any intermediate calculations.)

A) $207,692; B) $484,615; C) $161,538; D) $69,231; E) None of the above