CengageNOW2 Online teachir X + n/take Assignment/takeAssignment Main.do?invoker=&takeAssignmentSession Locator=&inprogress=false eBook Dividing Partnership Net Loss Leigh Meadows and Byron Leef formed a partnership in which the partnership agreement provided for salary allowances of $47,000 and $41,000, respectively Determine the division of a $24,000 net loss for the current year, assuming remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Leigh Meadows Byron Leef Total Salary Allowance 47,000 41,000 34,182 x 29,818 x 64,000 x -24,000 88,000 Remainder Net Loss -12,818 X - 11,182 X * Check My Work Apply salary and interest allowances first. Then, distribute the remainder (income or loss) among the partners according to the partnership agreement eBook Show Me How Admitting New Partners Who Buy an interest and Contributo Assets The capital accounts of Trent Henry and Tim Chou have balonces of $140,500 and $101,200, respectively. Leanne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $32,300 and one-fourth of Chou's interest for $22,300. Clarke contributes $34,300 cash to the partnership, for which she is to receive an ownership equity of $34,300 al. Journalize the entry to record the admission of Gilbert For a compound transaction, if an amount box does not require an entry leave it blank 89 22. Journalize the end to record the admission of Clarke o b. What are the capital balances of each partner after the admission of the new partners? Partner Capital Balance Trent Henry Tim Chou LeAnne Gilbert Becky Clarke Oreck My Workmore Check My Wong Save and Submk Assignment for Grading UP NI 79F Mostly cloudy. SIM eBook Admitting New Partner With Bonus Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services, Jenkins and Tonner shared profits and losses equally. After all the tangible assets have been adjusted to current market prices, the capital accounts of Cody Jenkins and Lacey Tanner have balances of $39,000 and $51,000, respectively, Valeria Solano has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem these skills useful; thus, Solano is admitted to the partnership at a 30% interest for a purchase price of $24,000 a. Determine the recipient and amount of the partner bonus, b. Provide the journal entry to admit Solano into the partnership. For a compound transaction, if an amount box does not require an entry, leave it blank c. Why would a bonus be paid in this situation? Apparently, Jenkins and Tanner value offered by Solano CengageNOW2 Online teachir X + n/take Assignment/takeAssignment Main.do?invoker=&takeAssignmentSession Locator=&inprogress=false eBook Dividing Partnership Net Loss Leigh Meadows and Byron Leef formed a partnership in which the partnership agreement provided for salary allowances of $47,000 and $41,000, respectively Determine the division of a $24,000 net loss for the current year, assuming remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Leigh Meadows Byron Leef Total Salary Allowance 47,000 41,000 34,182 x 29,818 x 64,000 x -24,000 88,000 Remainder Net Loss -12,818 X - 11,182 X * Check My Work Apply salary and interest allowances first. Then, distribute the remainder (income or loss) among the partners according to the partnership agreement eBook Show Me How Admitting New Partners Who Buy an interest and Contributo Assets The capital accounts of Trent Henry and Tim Chou have balonces of $140,500 and $101,200, respectively. Leanne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $32,300 and one-fourth of Chou's interest for $22,300. Clarke contributes $34,300 cash to the partnership, for which she is to receive an ownership equity of $34,300 al. Journalize the entry to record the admission of Gilbert For a compound transaction, if an amount box does not require an entry leave it blank 89 22. Journalize the end to record the admission of Clarke o b. What are the capital balances of each partner after the admission of the new partners? Partner Capital Balance Trent Henry Tim Chou LeAnne Gilbert Becky Clarke Oreck My Workmore Check My Wong Save and Submk Assignment for Grading UP NI 79F Mostly cloudy. SIM eBook Admitting New Partner With Bonus Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services, Jenkins and Tonner shared profits and losses equally. After all the tangible assets have been adjusted to current market prices, the capital accounts of Cody Jenkins and Lacey Tanner have balances of $39,000 and $51,000, respectively, Valeria Solano has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem these skills useful; thus, Solano is admitted to the partnership at a 30% interest for a purchase price of $24,000 a. Determine the recipient and amount of the partner bonus, b. Provide the journal entry to admit Solano into the partnership. For a compound transaction, if an amount box does not require an entry, leave it blank c. Why would a bonus be paid in this situation? Apparently, Jenkins and Tanner value offered by Solano