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 32) Adam, Bill, and Charlie are partners. The profit and loss sharing rule between them is 4:6:1, with Bill receiving the largest share and Charlie receiving the smallest. The partnership incurs a net loss of $72,000. While closing the Income Summary - (Do not round any intermediate calculations.) A) Income Summary will be debited for $72,000 B) Adam, Capital will be debited for $26,182 C) Adam, Capital will be credited for $39,273 D) Charlie, Capital will be credited for $39,273 E) None of the above