Data table The partnership of tet \& Right admits Center as a partner on January 1, 2024. The portheship has these balances on December 31,2023 : Click on the icon to viow the baiance sheet.) Leftes share of profits and iosses is 70% and Right receives 30%. Read the teguiremants Requirement 1. Suppose Conter poys Fight $20,000 to buy out Right Left opproves Center as a partner. a. Record the transfer of equity on the partnership bocks on January 1,2024 . (Fecord debits frat, then credits: Select the explanation on the last line of the journal entry tabite.) b. Prepare the parthenhip balance sheet immediately after Conter is admitted as a partner, (Select the appecoilate tite for the first line of the heacer. Within the body of the stasement, If a 6 is not used in the table loave the box empty, do not soloct a label or enter a rero.) b. Prepare the partnership balance sheet immediately after Center is admitted as a partner. (Select the appropriate title for the first is not used in the table leave the box empty; do not select a label or enter a zero.) (Items 1, 2, and 3 are independent.) 1. Suppose Center pays Right $20,000 to buy out Right. Left approves Center as a partner. a. Record the transfer of equity on the partnership books on January 1, 2024. b. Prepare the partnership balance sheet immediately after Center is admitted as a partner. 2. Suppose Center becomes a partner by contributing $28,000 cash on January 1,2024 , to acquire a one-fourth interest in the business. a. Compute Center's capital balance, and determine whether there's any bonus, If so, who gets the bonus? b. Journalize Center's contribution in the business. c. Prepare the partnership balance sheet immediately after Center is admitted as a partner. Include the heading. 3. Assume the Left \& Right partnership liquidates by selling its non-cash assets for $108,000. Prepare the entries to liquidate the partnership on January 1,2024 . The partnership of Leff 8 Right admits Cenler as a parther on January 1, 2024. The partnership has these balances on December 31, 2023: IIf iClick on the icon to vien the bolance sheet ) Lefts share of profits and losses is 70% and Right receives 30%. Read the Requirement 1. Suppose Center pays Right $20,000 to buy out Right. Let agproves Center as a parther. a. Rocord the transfer of equity on the partrorship books on January 1. 2024. (Recond debits firat, then crecita Seiect the explanation on the tast line of the journal entry tuble.) b. Prepare the partnership balance sheet immedately atter Center is admined as a partacr, (Select the aponoprate Hse for the frst line of the beader. Within the body of the stasement if a bon it act usied in the table leave the box empty; do nol select a labei or enter a zero. Requirements (Items 1, 2, and 3 are independent.) 1. Suppose Center pays Right $20,000 to buy out Right. Left approves Center as a partner. a. Record the transfer of equity on the partnership books on January 1, 2024 . b. Prepare the partnership balance sheet immediately after Center is admitted as a partner. 2. Suppose Center becomes a partner by contributing $28,000 cash on January 1,2024 , to acquire a one-fourth interest in the business. a. Compute Center's capital balance, and determine whether there's any bonus. If so, who gets the bonus? b. Journalize Center's contribution in the business. c. Prepare the partnership balance sheet immediately after Center is admitted as a partner. Include the heading. 3. Assume the Left \& Right partnership liquidates by selling its non-cash assets for $108,000. Prepare the entries to liquidate the partnership on January 1,2024
