Admitting new partner with bonus Liquidating partnerships$-$capital deficiency

Nettles, King, and Tanaka are partners sharing income $3$:$2$:$1.$ After the firm's loss from liquidation is distributed, the capital account balances were as follows: Nettles, $$42,000$ Dr$.$;

King, $$161,000Cr$; and Tanaka, $$112,000Cr.$

If Nettles is personally bankrupt and unable to pay any of the $$42,000,$ what will be the amount of cash received by King and Tanaka upon liquidation? If an amount is zero, enter in

$0.$ Use the minus sign to indicate any deficiencies.

Amount of Cash Received

Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services. Jenkins and Tanner shared profits and losses equally. After all the tangible assets have

been adjusted to current market prices, the capital accounts of Jenkins and Tanner have balances of $$70,000$ and $$91,000,$ respectively. Valeria Solano has expertise with using

the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem these skills useful; thus, Solano is admitted to the partnership at a $30\%$

interest for a purchase price of $$43,000.$

a$.$ Determine the recipient and amount of the partner bonus.

$

Valeria Solano $$

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a$.$Determine the total capital, including the new contribution. Calculate the new partners' share of the total capital. If the new partner's contribution exceeds his share of the capital, the bonus

goes to the current partners. If the new partner's share of the capital exceeds the contribution, the bonus goes to the new partner.

b$.$ Journalize the entry for the admission of Solano into the partnership. If an amount box does not require an entry, leave it blank.