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E-2 Charlene Tilson and Jade Petricka decide to organize the Petson partnership. Tilson invests $15,000 cash, and Petricka contributes $12,000 cash and two assets from

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E-2 Charlene Tilson and Jade Petricka decide to organize the Petson partnership. Tilson invests $15,000 cash, and Petricka contributes $12,000 cash and two assets from her sole proprietorship (accounts receivable $9,000 less allowance for doubtful accounts $1,000, and land having a book value of $7,000). Instructions Prepare the entry to record the investment in the partnership, assuming the net realizable value of the receivables is $7,500 and the land has a fair value of $10,000. E-3 Matt & Daveson Co. reports net income of $51,000. Interest allowances are Matt $8,000 and Daveson $10,000, salary allowances are Matt $30,000 and Daveson $20,000, and the remainder is shared equally. Show the division of net income. of LR Company have decided to liquidate their business. Noncash assets were sold for $125,000. The income ratios of the partners Cisneros, Gunselman, and Forren are 3:2:3, respectively. Complete the following schedule of cash payments for LR Company. Cisneros, Gunselman, 1 Item 15,000 Sale of noncash assets and of gain 5 Pay liabilities es Cash distribution to 10

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