Advanced Accounting(please help)

1)A partnership began its first year with the following capital balances:

Adrian, capital 26,000

Brian, capital. 52,000

Charles, capital..117,000

David, capital156,000

Edgar contributed $124,000 in cash into the partnership to receive a 20% interest in the partnership. Goodwill was to be recorded. The four original partners shared all profits and losses equally. After Edgar made his investment, Adrians capital balance is

$26,000

$62,250

$88,250

$36,250

2)

On November 1, 2014, Flower Company, a U.S. company, entered into a four-month forward contract to sell 50,000 liras on February 1, 2015.

The following U.S. dollar per lira exchange rates apply:

Date Spot rate Forward Rate

(to Feb 1^st 2015)

November 1, 2014 $0.092 $0.105

December 31, 2014 $0.090 $0.095

February 1, 2015 $0.089 N/A

Flower's incremental borrowing rate is 12 percent. The present value factor for two months at an annual interest rate of 12 percent is .9803. Which of the following is included in Flower's December 31, 2014 balance sheet for the forward contract?

490.15 asset.

$490.15 liability

$5,146.58 liability

$5,146.58 asset.

$500.00 liability