Accounting - Partnership

What is the solution for these 3 exercises?

OBJ.2 EE 12-1 542 PE 12-1B Journalize partner's original investment Kevin LaRoche contributed land, inventory, and $28,000 cash to a partnership. The land had a book value of $65,000 and a market value of $135,000. The inventory had a book value of $60,000 and a market value of $51,000. The partnership also assumed a $50,000 note payable owed by LaRoche that was used originally to purchase the land. Provide the journal entry for LaRoche's contribution to the partnership. OBJ. 2 EE 12-2 5 PE 12-2B Dividing partnership net income Alex Conyers and Shaunika Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Stevens of $45,000 2. Interest of 8% on each partner's capital balance on January 1 3. Any remaining net income divided equally Conyers and Stevens had $50,000 and $160,000, respectively, in their January1 capital balances. Net income for the year was $200,000. How much net income should be distributed to Stevens? EX 12-2 Record partner's original investment Jessica Kimble and Carlos Segura form a partnership by combining assets of their for- mer businesses. The following balance sheet information is provided by Kimble, sole OBJ.2 Cash Accounts receivable Less: Allowance for doubtful accounts Land Equipment 50,000 $100,000 5,900 94,100 $ 70,000 43,000 Total assets Accounts payable Notes payable Jessica Kimble, capital Total liabilities and owner's equity 27,000 $351.100 s 22,500 80,000 248,600 351,100 Kimble obtained appraised values for the land and equipment as follows: 19,000 An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $7,000 Journalize the partnership's entry for Kimble's investment