Below are several "word type" problems that are written in the manner / style one will expect to see on both our exams and the CPA exam when it comes to certain aspects of the material we're covering. These types of questions require you to understand what is being asked for, identify the relevant information in the question, and determine the correct answer. In a multiple-choice question, which is what you will see on our exams and a portion of the CPA exam, you will have a number of choices to choose from, including of course the correct answer. For our purposes, you're being asked to figure out the correct answer and enter accordingly per instructions below. Note: These are not intended to be an exam review. For each of the below, follow the instructions and when answers are correct, the gray-shaded cells will turn green. 1) Three people are in a partnership together and have a combined capital balance of $1,000,000. A new partner, "A", pays the partnership $2,000,000 directly for a 50% interest in the new partnership. The partnership chooses the bonus method for admitting a new partner and applies the bonus to the existing partners, and the original partners have equal profit shares. Based on this information: How much will be credited to new partner "A's" capital account? Will the existing partners receive a debitor credit to their capital accounts? (select) How much will be debited or credited to each existing partners' capital account? 2) Persons A, B, C, and D are in a partnership together, and their agreement calls for the following allocation of income: C&D are to receive salary payments of $20,000 each, A & B are to receive a bonus of 10% of net income, B and C are to receive 10% interest on their capital balances, which is $50,000 each, and then any remaining profit is split evenly among the partners. For the just completed year, the partnership had net income of $200,000 How much of the net income gets allocated to partner A? How much of the net income gets allocated to partner B? How much of the net income gets allocated to partner C? How much of the net income gets allocated to partner D