Hello, thanks for all your help on my last assignment. I have another assignment that I'm working on and could use your help again if your available.

I have attached a word doc and it contains 10 questions, similar to the question from before.

1.Newland and Palermo form a partnership. Newland contributes land with a book value of $50,000 and a fair value of $60,000. Newland also contributes equipment with a book value of $52,000 and a fair value of $57,000. The partnership assumes a $20,000 mortgage on the land. What should be the balance in Newland?s capital account upon formation of the partnership?

2.M. Elston and R. Ogle have partnership capital balances of $40,000 and $80,000, respectively. The partnership agreement indicates that net income or net loss should be shared equally. If net income for the partnership is $42,000, how should the net income be divided?

3.Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $96,000cash, and Nichols contributes $64,000cash and equipment having a book value of $22,400. Prepare the entry to record Nichols?s investment in the partnership, assuming the equipment has a fair value of $32,000.

4.PFW Co. reports net income of $57,000. Partner salary allowances are Pitts $17,000, Filbert $4,000, and Witten $5,400. Indicate the division of net income to each partner, assuming the income ratio is50:20:30, respectively

5.Mark Rensing has prepared the following list of statements about partnerships. Identify each statement as true or false.

6.K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $49,760of personal cash to the partnership. Rosen owns land worth $13,320and a small building worth $80,650, which she transfers to the partnership. Toso transfers to the partnership cash of $10,960, accounts receivable of $34,360and equipment worth $23,280. The partnership expects to collect $30,924of the accounts receivable.

7.The post-closing trial balances of two proprietorships on January 1, 2017, are presented below

8.At the end of its first year of operations on December 31, 2017, NBS Company?s accounts show the following.

9.At April 30, partners? capital balances in PDL Company are G. Donley $51,000, C. Lamar $46,000, and J. Pinkston $17,200. The income sharing ratios are 5 : 4 : 1, respectively. On May 1, the PDLT Company is formed by admitting J. Terrell to the firm as a partner.

10.On December 31, the capital balances and income ratios in TEP Company are as follows.