do them I'll rate

1. Dividing Partnership Income

Tyler Hawes and Piper Albright formed a partnership, investing $210,000 and $70,000, respectively.

Determine their participation in the year's net income of $104,000 under each of the following independent assumptions.

No agreement concerning division of net income.

Divided in the ratio of original capital investment.

Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3.

Salary allowances of $36,000 and $45,000, respectively, and the balance divided equally.

Allowance of interest at the rate of 5% on original investments, salary allowances of $36,000 and $45,000, respectively, and the remainder divided equally.

	Hawes	Albright
(a)	$	$
(b)	$	$
(c)	$	$
(d)	$	$
(e)	$	$

2.

Admitting New Partner With Bonus

L. Bowers and V. Lipscomb are partners in Elegant Event Consultants. Bowers and Lipscomb share income equally. M. Ortiz will be admitted to the partnership. Prior to the admission, equipment was revalued downward by $6,000. The capital balances of each partner are $124,000 and $174,500, respectively, prior to the revaluation.

a. Provide the journal entry for the asset revaluation. For a compound transaction, if an amount box does not require an entry, leave it blank.

	L. Bowers, Capital
	M. Ortiz, Capital
	V. Lipscomb, Capital

b. Provide the journal entry for Ortizs admission under the following independent situations:

1. Ortiz purchased a 20% interest for $63,000. For a compound transaction, if an amount box does not require an entry, leave it blank.

	Cash
	Equipment
	L. Bowers, Drawing
	M. Ortiz, Drawing

2. Ortiz purchased a 30% interest for $158,000. For a compound transaction, if an amount box does not require an entry, leave it blank.

	V. Lipscomb, Drawing
	L. Bowers, Capital
	Equipment
	Cash