Answer all the following questions: Question (1): (10 Marks) On 1/1/2010 Khaled & Bassam agreed on forming a general partnership with capital of 300,000, the partners share the capital equally. Bassam paid his share in cash. Khaled paid his share by transferring the assets and the liabilities of his own shop. These assets were; 50,000 land, 60,000 building, 30,000 inventory, 25,000 Accounts receivables. The liabilities were; 15000 accounts payable, 20,000 Bank loan. The agreement stated that the assets should be transferred to the new co. by its fair market value. The appraisal process indicates that the current fair value of the land is 100,000 building is 55,000, net realizable value of the A/R is 24,000, and the inventory is 26,000. Required: 1- Prepare the Journal entries to record the formation of the partnership. 2- Prepare the opening Balance Sheet.