3 questions

Question 1: Zeller, Acker, and Benton are partners with capital balances as follows: Zeller, $84,000; Acker, $69,000; and Benton, $147,000. The partners share profit and losses in a 3:2:5 ratio. Dent is admitted to the partnership on May 1, 2017, with a 25% equity. Prepare general journal entries to record the entry of Dent into the partnership under each of the following unrelated assumptions: a. Dent invests $100,000. b. Dent invests $72,500. c. Dent invests $131,000. Question 2: Gale, Mclean, and Lux are partners of Burgers and Brew Company with capital balances as follows: Gale, $84,000; Mclean, $69,000; and Lux, $147,000. The partners share profit and losses in a 3:2:5 ratio. McLean decides to withdraw from the partnership. Prepare general journal entries to record the May 1, 2017, withdrawal of Mclean from the partnership under each of the following unrelated assumptions: a. McLean sells his interest to Freedman for $168,000 after Gale and Lux approve the entry of Freedman as a partner (where Mclean receives the cash personally from Freedman). b. McLean gives his interest to a son-in-law, Park. Gale and Lux accept Park as a partner. c. McLean is paid $69,000 in partnership cash for his equity. Page 764 d. McLean is paid $132,000 in partnership cash for his equity. e. McLean is paid $27,250 in partnership cash plus machinery that is recorded on the partnership books at $115,000 less accumulated depreciation of $83,000.Question 3: Lui, Montave, and Johnson plan to liquidate their Premium Pool and Spa business. They have always shared profit and losses in a 1:4:5 ratio, and on the day of the liquidation their balance sheet appeared as follows: Premium Pool and Spa Balance Sheet June 30, 2017 Assets Liabilities Cash .. $ 68.750 Accounts payable $130.375 Machinery.... $588,750 Equity Less: Accumulated depreciation... 137,500 451,250 Jim LUI ... $ 76.250 Total assets $520.000 Kent Montavo, capital ..... 200,875 Dave Johnson, capital. 112,500 Total equity.. 389.625 Total liabilities and equity .... $520,000 Required: Part 1 Under the assumption that the machinery is sold and the cash is distributed to the proper parties on June 30, 2017, complete the schedule provided below.Part 1 Under the assumption that the machinery is sold and the cash is distributed to the proper parties on June 30, 2017, complete the schedule provided below. Jim Kent Dave Machinery Accounts Lul, Montavo, Johnson, cash (net) Payable Capital Capital Capital Account balances June 30, 2017. Show the sale, the gain or loss allocation, and the distribution of the cash in each of the following unrelated cases: a. The machinery is sold for $488,130. b. The machinery is sold for $375,000. c. The machinery is sold for $212,500, and any partners with resulting deficits can and do pay in the amount of their deficits. d. The machinery is sold for $187,500, and the partners have no assets other than those invested in the business. Part 2 Prepare the entry to record the final distribution of cash assuming case (a) above