how long to answer this two questions?

the first two pictures is only one question and the third pictire is another question (total of two questions). if you cant answer it, dont take it and reply with saying need time have someone else solve it for you. Another thing, before you answer question #2 make sure that youre not giving me an answer from chegg account again. The same exact question is on chegg but all the answers are incorrect. Hopefully, someone will be able to help me solve this two individual question with right answers. thanks

Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O'Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2016, O'Donnell invests a building worth $130,000 and equipment valued at $140,000 as well as $60,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances. To entice O'Donnell to join this partnership, Reese draws up the following profit and loss agreement O'Donnell will be credited annually with interest equal to 10 percent of the beginning capital balance for the year O'Donnell will also have added to his capital account 10 percent of partnership income each year (without regard for the preceding interest figure) or $4,000, whichever is larger. All remaining income is credited to Reese. Neither partner is allowed to withdraw funds from the partnership during 2016. Thereafter, each can draw $7,000 annually or 15 percent of the beginning capital balance for the year, whichever is larger The partnership reported a net loss of $6,000 during the first year of its operation. On January 1, 2017, Terri Dunn becomes a third partner in this business by contributing $26.000 cash to the partnership. Dunn receives a 20 percent share of the business's capital, The profit and loss agreement is altered as follows: O'Donnell is still entitled to (1) interest on his beginning capital balance as well as (2) the share of partnership income just specified. . Any remaining profit or loss will be split on a 6.4 basis between Reese and Dunn, respectively Partnership income for 2017 is reported as $100,000. Each partner withdraws the full amount that is allowed. On January 1, 2018. Dunn becomes ill and sells her interest in the partnership with the consent of the other two partners) to Judy Postner Postner pays $175,000 directly to Dunn. Net income for 2018 is $99,000 with the partners again taking their full drawing allowance Ad On January 1, 2019. Postner withdraws from the business for personal reasons. The articles of partnershlo state that any partner mav On January 1, 2019, Postner withdraws from the business for personal reasons. The articles of partnership state that any partner may leave the partnership at any time and is entitled to receive cash in an amount equal to the recorded capital balance at that time plus 10 percent a. Prepare journal entries to record the preceding transactions on the assumption that the bonus (or no revaluation method is used. Drawings need not be recorded, although the balances should be included in the closing entries. b. Prepare journal entries to record the previous transactions on the assumption that the goodwill for revaluation) method is used. Drawings need not be recorded, although the balances should be included in the closing entries Complete this question by entering your answers in the tabs below. Required A Required B Prepare Journal entries to record the preceding transactions on the assumption that the bonus (or no revaluation) method is used. Drawings need not be recorded, although the balances should be included in the dosing entries. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your answers to the nearest dollar amount.) View transaction list View journal entry worksheet No Date General Journal Credit 01/01/2016 Building Equipment Cash O'Donnell, capital Debit 130.000 140.000 60.000 165.000 Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O'Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2016, O'Donnell invests a building worth $130,000 and equipment valued at $140,000 as well as $60,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances. To entice O'Donnell to join this partnership, Reese draws up the following profit and loss agreement O'Donnell will be credited annually with interest equal to 10 percent of the beginning capital balance for the year O'Donnell will also have added to his capital account 10 percent of partnership income each year (without regard for the preceding interest figure) or $4,000, whichever is larger. All remaining income is credited to Reese. Neither partner is allowed to withdraw funds from the partnership during 2016. Thereafter, each can draw $7,000 annually or 15 percent of the beginning capital balance for the year, whichever is larger The partnership reported a net loss of $6,000 during the first year of its operation. On January 1, 2017, Terri Dunn becomes a third partner in this business by contributing $26.000 cash to the partnership. Dunn receives a 20 percent share of the business's capital, The profit and loss agreement is altered as follows: O'Donnell is still entitled to (1) interest on his beginning capital balance as well as (2) the share of partnership income just specified. . Any remaining profit or loss will be split on a 6.4 basis between Reese and Dunn, respectively Partnership income for 2017 is reported as $100,000. Each partner withdraws the full amount that is allowed. On January 1, 2018. Dunn becomes ill and sells her interest in the partnership with the consent of the other two partners) to Judy Postner Postner pays $175,000 directly to Dunn. Net income for 2018 is $99,000 with the partners again taking their full drawing allowance Ad On January 1, 2019. Postner withdraws from the business for personal reasons. The articles of partnershlo state that any partner mav On January 1, 2019, Postner withdraws from the business for personal reasons. The articles of partnership state that any partner may leave the partnership at any time and is entitled to receive cash in an amount equal to the recorded capital balance at that time plus 10 percent a. Prepare journal entries to record the preceding transactions on the assumption that the bonus (or no revaluation method is used. Drawings need not be recorded, although the balances should be included in the closing entries. b. Prepare journal entries to record the previous transactions on the assumption that the goodwill for revaluation) method is used. Drawings need not be recorded, although the balances should be included in the closing entries Complete this question by entering your answers in the tabs below. Required A Required B Prepare Journal entries to record the preceding transactions on the assumption that the bonus (or no revaluation) method is used. Drawings need not be recorded, although the balances should be included in the dosing entries. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your answers to the nearest dollar amount.) View transaction list View journal entry worksheet No Date General Journal Credit 01/01/2016 Building Equipment Cash O'Donnell, capital Debit 130.000 140.000 60.000 165.000 The partnership of Winn, Xie, Yang, and Zed has the following balance sheet: Cash Other assets $ 54,000 317,000 $ Liabilities Winn, capital (50% of profits and losses) Xie, capital (30%) Yane, capital (10%) Zed, capital (10%) 67.009 84.899 102,000 64,890 54,000 Zed is personally insolvent, and one of his creditors is considering suing the partnership for the $5,000 that is currently owed. The creditor realizes that this litigation could result in partnership liquidation and does not wish to force such an extreme action unless Zed is reasonably sure of obtaining at least $5,000 from the liquidation Determine the amount for which the partnership must sell the other assets to ensure that Zed receives $5,000 from the liquidation. Liquidation expenses are expected to be $39,000. (Do not round intermediate calculations.) Minimum 3 Answer is complete but not entirely correct. amount 102.000 Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O'Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2016, O'Donnell invests a building worth $130,000 and equipment valued at $140,000 as well as $60,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances. To entice O'Donnell to join this partnership, Reese draws up the following profit and loss agreement O'Donnell will be credited annually with interest equal to 10 percent of the beginning capital balance for the year O'Donnell will also have added to his capital account 10 percent of partnership income each year (without regard for the preceding interest figure) or $4,000, whichever is larger. All remaining income is credited to Reese. Neither partner is allowed to withdraw funds from the partnership during 2016. Thereafter, each can draw $7,000 annually or 15 percent of the beginning capital balance for the year, whichever is larger The partnership reported a net loss of $6,000 during the first year of its operation. On January 1, 2017. Terri Dunn becomes a third partner in this business by contributing $26.000 cash to the partnership. Dunn receives a 20 percent share of the business's capital The profit and loss agreement is altered as follows: O'Donnell is still entitled to (1) interest on his beginning capital balance as well as (2) the share of partnership income just specified Any remaining profit or loss will be split on a 6.4 basis between Reese and Dunn, respectively. Partnership income for 2017 is reported as $100,000. Each partner withdraws the full amount that is allowed. On January 1, 2018. Dunn becomes ill and sells her interest in the partnership with the consent of the other two partners) to Judy Postner. Postner pays $175.000 directly to Dunn. Net income for 2018 is $99,000 with the partners again taking their full drawing allowance Activ On January 1, 2019. Postner withdraws from the business for personal reasons. The articles of partnershio state that any partner mav On January 1, 2019, Postner withdraws from the business for personal reasons. The articles of partnership state that any partner may leave the partnership at any time and is entitled to receive cash in an amount equal to the recorded capital balance at that time plus 10 percent a. Prepare journal entries to record the preceding transactions on the assumption that the bonus (or no revaluation) method is used Drawings need not be recorded, although the balances should be included in the closing entries. b. Prepare journal entries to record the previous transactions on the assumption that the goodwill for revaluation) method is used. Drawings need not be recorded, although the balances should be included in the closing entries. Drawings need entries to record although the bala Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record the preceding transactions on the assumption that the bonus (or no revaluation) method is used. Drawings need not be recorded, although the balances should be included in the closing entries. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your answers to the nearest dollar amount.) View transaction list View journal entry worksheet General Journal Credit No 1 Date 01/01/2016 01012016 Building Equipment Cash O'Donnell capital Debit 130.000 140,000 60.000 165,000 The partnership of Winn, Xie, Yang, and Zed has the following balance sheet $ Cash Other assets 54,000 317,000 $ Liabilities winn, capital (50% of profits and losses) Xie, capital (30%) Yang, capital (105) Zed, capital (10%) 67.000 84.890 102,000 64.00 54,890 Zed is personally insolvent, and one of his creditors is considering suing the partnership for the $5,000 that is currently owed. The creditor realizes that this litigation could result in partnership liquidation and does not wish to force such an extreme action unless Zed is reasonably sure of obtaining at least $5,000 from the liquidation Determine the amount for which the partnership must sell the other assets to ensure that Zed receives $5,000 from the liquidation Liquidation expenses are expected to be $39,000. (Do not round intermediate calculations.) Answer is complete but not entirely correct. 102,000 Minimum amount Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O'Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2016, O'Donnell invests a building worth $130,000 and equipment valued at $140,000 as well as $60,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances. To entice O'Donnell to join this partnership, Reese draws up the following profit and loss agreement O'Donnell will be credited annually with interest equal to 10 percent of the beginning capital balance for the yead O'Donnell will also have added to his capital account 10 percent of partnership income each year (without regard for the preceding interest figure) or $4,000, whichever is larger. All remaining income is credited to Reese. Neither partner is allowed to withdraw funds from the partnership during 2016. Thereafter, each can draw $7,000 annually or 15 percent of the beginning capital balance for the year, whichever is larger The partnership reported a net loss of $6,000 during the first year of its operation. On January 1, 2017. Terri Dunn becomes a third partner in this business by contributing $26,000 cash to the partnership. Dunn receives a 20 percent share of the business's capital The profit and loss agreement is altered as follows: O'Donnell is still entitled to (1) interest on his beginning capital balance as well as (2) the share of partnership income just specified. Any remaining profit or loss will be split on a 6:4 basis between Reese and Dunn, respectively. Partnership income for 2017 is reported as $100,000. Each partner withdraws the full amount that is allowed. On January 1, 2018. Dunn becomes ill and sells her interest in the partnership (with the consent of the other two partners) to Judy Postner. Postner pays $175.000 directly to Dunn. Net income for 2018 is $99,000 with the partners again taking their full drawing allowance AC On January 1, 2019. Postner withdraws from the business for personal reasons. The articles of partnership state that any partner may