Hi I just need the joural entry for the year 2007, please write each transaction in a deatiled way. When the company decided to liquidiate, Brady and McNabb Split the net loss with the ratio 50%: 50%. Thank you!

2004

January 1 -Brady and Manning decide to start up a partnership. Brady brings in $10 000 cash and equipment costing $60 000, with $17 000 in the accumulated depreciation account. The fair market value of the equipment is $37 000. Manning brings $60 000 in cash, but he is also bringing $6 000 in accounts payable from his old business. They agree to an income ratio of 5:4.

Show the entry to establish the partnership.

December 31 -the business recorded a net income of $24 000, and Brady had a debit balance of $16 000 in his drawings account.

Show the entry to allocate the net income to the partners' capital accounts. Prepare an Statement of Partners' Equity for 2004.

2005

January 1- McNabb joins the partnership. He is anxious to join and agrees to pay $46 000 for a 20% share of the business, with the bonus to the existing partners. Brady, Manning and McNabb agree to salaries of $5000 for each partner, and a 5:4:3 income ratio.

Show the entry to admit the new partner into the business.

December 31 -the business recorded a net income of $30 000. Brady had drawings of $20 000 and Manning had drawings of $4000.

Show the entry to allocate the net income to the partners' capital accounts. Prepare an Statement of Partners' Equity for 2005.

2006

January 1- Manning decides to leave the partnership. McNabb agrees to pay Manning $73 000 in a private transaction. The result is that all of Manning's equity will be transferred to McNabb. The income or loss will now be divided between Brady and McNabb on a 50%, 50% ratio, respectively. There will be no salary.

Show the entry to record the departure of Manning.

December 31 -the business recorded a net loss of $46 000. There were no drawings.

Show the entry to allocate the net income to the partners' capital accounts. Prepare an Statement of Partners' Equity for 2006.

2007

January 1 -The partners decide to liquidate the partnership. They have the following balances:

Cash $12 000

Accounts Receivable $8 166

Equipment $ 110 000

Accumulated Depreciation $ 25 000

Accounts Payable $ 11 000

The partners were able to collect $3500 of the accounts receivable and sell the equipment for $52 000.

Record the entries to sell off the assets, allocate the loss on sale to the partners and to dissolve the partnership