. Carlson Cits market value $5,500,000. The Et contributes $12-3 Accounting for partner contributions Kur and Warforming a partnership to develop a theme park near Cars onda kurr contribus cash of 300,000 and land with a current market of $10, When urrundused the land in 2015, its cost was 35,500 partnership will assume Kurth 500 note payable on the land Wyatt com Cash of SSD and again st a current market value of $5,500,000 Requirements 1. Journaline the partnerships receipt of assets and liabilities from Kurt and Wyatt i 2. Compute the partnershipotalassets, Dollabilities, and total partner immediately after organizing 512-4 Allocating profits and losses to the partners Stone and Smith had beginning capital balances of $18,000 and $13,000, respective The partners fail to agree on a profit and loss-sharing ratio. For the first monet June 2018), the partnership has a net loss of $9,000. Requirements 1. How much of this loss goes to Stone? How much goes to Smith 2. The partners withdrew no assets during June. What is each partner's capital balane at June 302 Prepare a T-account for each partner's capital account. S12-5 Allocating profits and losses to the partners Anderson, Macer, and Bell have capital balances of $22,000, $33,000, and $55,000 respectively. The partners share profits and losses as follows: a. The first $50,000 is divided based on the partners' capital balances. b. The next $50,000 is based on services, shared equally by Anderson and Bell. Macer does not receive a salary allowance. c. The remainder is divided equally Requirements 1. Compute cach partner's share of the $112,000 net income for the year. 2. Journalize the closing entry to allocate net income for the year. 512-6 Accounting for the admission of a new partner Sweet has a capital balance of $25,000; Scott's balance is $21,000. Hamlet pays $100,000 to purchase Scott's interest in the Sweet & Scott partnership. Scott receives the full $100,000 Requirements 1. Journalize the partnership's transaction to admit Hamlet to the partnership. 2. Must Sweet accept Hamlet as a full partner? What rights does Hamlet have after purchasing Scott's interest in the partnership? S12-7 Accounting for the admission of a new partner Penn has $90,500 capital and Hammet has $68,500 capital in the Penn & Hammet partnership Penn and Hammet share profits and losses equally. Judy Pilard contributes cash of $53,000 to acquire a 1/4 interest in the new partnership Partne Requirements 1. Calculate Pilard's capital in the new partnership. 2. Journalize the partnership's receipt of the $53,000 from Pilard. Learning Object 512-8 Accounting for the admission of a new partner Eddie and Hagar have partner capital balances of $297,000 and $243,000, respectively. Eddie receives 60% of profits and losses, and Hagar receives 40%. Assume Parker contributes $135,000 to acquire a 25% interest in the new partnership of Eddie, Hagar, and Parker Learning Obj Requirements 1. Calculate Parker's capital in the new partnership. 2. Journalize the partnerships receipt of cash from Parker. $12-9 Accounting for withdrawal of a partner Jaden, Sophia, and Clement each have a $350,000 capital balance. They share profits and losses as follows: 1:1:2 to Jaden, Sophia, and Clement, respectively. Suppose Clem- ent is withdrawing from the business. Requirements 1. Journalize the withdrawal of Clement if the partnership agrees to pay Clement $350,000 cash. 2. Journalize the withdrawal of Clement if the partnership agrees to pay Clement $200,000 cash. Learning S12-10 Accounting for withdrawal of a partner Jonas, Jeffrey, and Jude each have a $90,000 capital balance. Jonas is retiring from the business. The profit-and-loss-sharing ratio for Jonas, Jeffrey, and Jude is 1:2:3, respec- tively. Journalize the payment of $97,000 to Jonas upon his retirement on July 31