H&M and L, a partnership, is considering admitting K as a new partner. On 7/31/20, the capital accounts of the existing partners and their profit and loss sharing ratio is as follows: H Capital $42,000 Profit and Loss 20% MCapital $84,000 Profit and Loss 25% L Capital $126,000 Profit and loss 55% Journalize the following transactions: 10) Assume k pays L partner $ 168,000 cash to buy his interest. A) Debit L Capital for $126,000 and Credit K Capital for $126,000. B) Debit L Capital for $168,000 and Credit K Capital for $168,000. C) Debit L Capital for $168,000. Credit K Capital $126,000 and the old partner get bonus. D) Debit Cash for $168,000 and Credit K Capital $126,000 and accounts payable $42,000. 11) K pays L $84,000 to the partnership acquiring 1/4 interest. A) Debit Cash $84,000 and Credit K Capital for $84,000 B) Debit Cash $90,000 and Credit K Capital for $90,000 C) Debit Cash $84,000 and Credit K Capital for $75,000 D) Debit Cash $84,000 and Credit K Capital $45,000 the different is bonus to old partners. 12) K pays L $84,000 to the partnership acquiring 1/6 interest. A) Debit Cash $84,000 and Credit K Capital for $56,000 the balance is bonus to old partners. B) Debit Cash $90,000 and Credit K Capital for $84,000 C) Debit Cash $84,000 and Credit K Capital for $56,000 the balance goes to account payable. D) Debit Cash $84,000 and Credit K Capital for $51,000 the balance is bonus to old partners. 13) K pays L $84,000 to the partnership acquiring 1/3 interest. A) Debit Cash $84,000 and Credit K Capital for $112,000 the old partners paid the bonus to K Capital B] Debit Cash $112,00 and Credit K Capital for $112.000 A) Debit Cash $84,000 and Credit K Capital for $95.000 the old partners paid the bonus to K Capital A) Debit Cash $84,000 and Credit K Capital for $100,000 the old partners paid the bonus to K Capital 14) Which of the following statements is correct to questions 11, 12, 13 & 13. A) The Old partnership is no more. B) The Old partnership remain the same. C) The Old partnership remain the same because K is limited partner. D) None of the above