Assume the partnership of Dean, Hardin, and Roth has been in existence for a number of years. Dean decides to withdraw from the partnership when the partners' capital balances are as follows: An appraisal of the business and its property estimates the fair value to be $ 100,000. Dean has agreed to receive $64,000 in exchange for his partnership interest.

1.	Prepare the journal entry for the payment to Dean in the dissolution of his partnership interest, assuming the bonus method is to be applied.

2.	What are the remaining partners' capital balances after Dean's interest is dissolved, assuming the bonus method is applied?

On January 1, 2011, Lamb and Mona LLP admitted Noris to a 20% interest in net assets for an investment of $50,000 cash. Prior to the admission of Noris, Lamb and Mona had net assets of $100,000 and an income-sharing ratio of 25% to Lamb and 75% to Mona. After the admission of Noris, the partnership contract included the following provisions: Salary of $40,000 a year to Noris. Remaining net income in ratio Lamb 20%, Mona 60%, Noris 20% During the fiscal year ended December 31, 2011, the partnership had income of $90,000 prior to recognition of salary to Noris.

3.	Record the journal entry for the admission of Noris. Goodwill is not to be recorded.

4.	Record the journal entry to allocate the salary of Noris.

5.	Record the journal entry to record the remainder of net income to the capital accounts.