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For problem question Q1, assume that partnership net income is $1,347,216 Q1. Robert Davis, Thomas Brown, and Cheryl Greene started the year with capital balances

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For problem question "Q1", assume that partnership net income is $1,347,216 Q1. Robert Davis, Thomas Brown, and Cheryl Greene started the year with capital balances of $107,000, 317,000, and 176,000 respectively in the DBG Partnership. A CPA firm, through a consulting session, is supposed to do a write up on different alternatives to partnership income allocation. What are the potential outcomes if(A) the income is allocated equally among all three partners, (B] the income is based on their beginning of year individual capital balances, and [C] based on partner Davis receiving $123,000 of an allowance, partner Brown receiving $210,000 of an allowance, partner Greene receiving $274,000 of an allowance, all partners receiving a 15% interest allowance based on their beginning of the year individual capital balances, and any remainder net income allocated based on their individual beginning of the year capital balances. This means the problem has to worked through three separate ways. {completely show all appropriate journal entries, scratch work and calculations for everything very clearly, neatly, and thoroughly) Problem question worth 25 points Q2. Using the information from problem question "Q1" above, pretend that partner Davis decided to leave with only 95% of the capital he was supposed to leave with and also Tameka Johnson was allowed admission by paying in cash the amount that would be required for exactly a 33 1/3% interest. The 5% left behind by partner Davis is dealt with equally by the remaining partners (completely show all appropriate journal entries, scratch work and calculations for everything very clearly, neatly, and thoroughly) Problem question worth 25 points

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