Antonio, S. Rosario, and E. Ramirez are forming a partnership. Antonio is transferring $75,000 of personal cash to the partnership. Rosario owns land worth $22,500 and a small building worth $120,000, which she transfers to the partnership. Ramirez transfers to the partnership cash of $13.500, accounts receivable of $48,000, and equipment worth $58,500. The partnership expects to collect $43.500 of the accounts receivable. Instructions (a) Prepare the journal entries to record each of the partners' investments. (b) What amount would be reported as total owners' equity immediately after the investments? Debit (a) Account Credit (b) Description Amount 0 2 Suzy Vopat has owned and operated a proprietorship for several years. On January 1, she decides to terminate this business and become a partner in the firm of Vopat and Sigma. Vopat's investment in the partnership consists of $12,000 in cash, and the following assets of the proprietorship: accounts receivable $14,000 less allowance for doubtful accounts of $2,000, and equipment $30,000 less accumulated depreciation of $4,000. It is agreed that the allowance for doubtful accounts should be $3,000 for the partnership. The fair value of the equipment is $23,500. Instructions Journalize Vopat's admission to the firm of Vopat and Sigma. Account Debit Credit 3 Marin and Samuel have capital balances on January 1 of $75,000 and $60,000, respectively. The partnership income-sharing agreement provides for (l) annual salaries allowances of $22,000 for Marin and $13,000 for Samuel (2) interest at 10% on beginning capital balances, and ()) remaining income or loss to be shared 60% by Marin and 40% by Samuel Instructions (a) Prepare a schedule showing the distribution of net income, assuming net income is (1) 550,000 and (2) $36,000. (b) Journalize the allocation of net income in each of the situations above. Net income of 1-one Capital Samuel Total 0 0 0 0 0 Total interest allowance 0 Total salaries and Interest 0 0 0 0 0 0 Total remainder Total division of net income 0 (a.2) Net income of >>> 1-ene Capital Marin Total 0 0 0 0 0 Total interest allowance O Total salaries nd Interest 0 0 Total remainder 0 0 0 Total division of net income (1) Net income of 50.000 Account Debit Credit (1.1) Net income of > 50,000 Account Debit Credit ) 4 Carlosing capital. 560,000) Wendy beginning capital.00) pares. During 2011, the partnership earned me income of 0.000, Ce made dwing of $27.000 while Wendy maledwing of 536,000 (a) Assume the partnership in sharing agreement calls for income to be divided 45% Carles and 58% to Wendly Prepare the journal entry to record the allocation of income ( home the partnership income-sharing spremeni calls for income to be divided with salary of 545.000 o Carlos and $37.500 to Wonly with the remainder divided 43 to Carlos and 58% Wendy. Prepare the mal entry to the allocation of net income (c) An the partnership income-sharingement calls for income to be divided with a salary of $40,000 to Cures and 535.000 to Wendly, ime of 10% en beginning capital the remainder diided. Prepare the mal entry to record the allocate of income Compute the presending capital balances under the same input a) Net income of Sco, 49% to Carlos and 55% to Wien Deh Credit 0.45 0:55 ibi Net Income of Capital Carlos 0.45 0.55 Total division of net income Net income of 50,000 Avent Deble Credit (c) Net income of 1-ene Capital Wendy Total To interesowance O 0.1 01 Total salaries ind interest 0 0.5 To remainder 0 0 Total division of net income Net income of Art Debit Credit d) Completion of parting at home Net income of Lene Capital Wendy Tot interest allowance 0 0 Total salaries nd Interest Total remainder Total division of net income Net income of 50,000 Account Debit Credit 0 0 (d) Computation of partners' ending capital balances Beginning capitalJanuary 1, XXX Wendy Ending capital, December 31, xxxx Instructions (a) Prepare the partners' capital statement for the year. (b) Prepare the owners' equity section of the balance sheet at December 31, 2018 (a) Total Add: Net income 0 0 Capital, December 31 0 10,000 (b) Owners' equity A. Daniels, Capital Total owners' equity S 3 5 For Ped-Dan Co., beginning capital balances on January 1, 2018. are Nancy Padre $40.000 and Ann Daniels $36.000. During the year, drawings were Padre $16.000 and Danie $10.000. Net income was $80,000, and the partners share income equally