I need help with my advanced accounting hw. Please see attachment!

Exercise 1 - Partnership Profit Allocation The WhyEyeOughta general partnership is comprised of three general partners; Mo, Larry, & Curley. The partnership agreement calls for profits of the partnership to be allocated as per the following: Capital balances for each partner as of December 31st, 2017 are as follows: Mo $400,000 Larry $500,000 Curley $350,000 The partnership agreement calls for the following distribution of profit (or loss): A) If there is a profit, each partner is to receive 5% interest on their capital balance at year-end in excess of $450,000 B) Mo & Larry are to receive salaries of $50,000 each; Curley is to receive a salary of $75,000 if there is a profit C) Larry is to receive a bonus of 10% of partnership profit if there is a profit D) Any remaining profit or loss is to be allocated to Mo, Larry, & Curley in the ratio of 2:1:2 respectively Complete the below distribution of income schedule for the partnership if there was a 2017 net income of $500,000 by entering the required figures in the gray shaded cells. When correct, the cells will change color. If a cell is not to have a figure in it, enter the word "zero" in it. Mo Larry Curley Total Interest on Capital Salaries Bonus Sub-Total Remainder to be Allocated Total Complete the below distribution of income schedule for the partnership if there was a 2017 net loss of by entering the required figures in the gray shaded cells. When correct, the cells will change color. If a cell is not to have a figure in it, enter the word "zero" in it. Mo Interest on Capital Salaries Bonus Sub-Total Remainder to be Allocated Total Larry Curley Total Exercise 2 - Accounting for a New Partner OTC Partnership has three existing partners with capital accounts and profit splits as follows: Partner A B C Capital Balance Profit Interest $500,000 1,500,000 1,000,000 $3,000,000 20% 30% 50% 100% If OTC admits a new partner, under each of the following scenarios how is the entry booked? Scenario 1: New Partner D contributes $3,000,000 for a 50% capital share of the firm. $3,000,000 / 50% implies a FMV of $6,000,000 Total new capital = $3,000,000 + $3,000,000 = $6,000,000 Account Assets (contributed by D) Capital - D D C Scenario 2: New Partner D contributes $4,000,000 for a 50% capital share of the firm. The firm uses the bonus method of accounting for new partners. $4,000,000 / 50% implies a FMV of $8,000,000 Total new capital = $3,000,000 + $4,000,000 = $7,000,000 New Partner Capital Balance = (BV Original + New Contribution) x New Partner % New Partner Capital Balance = ($3,000,000 + $4,000,000) x 50% New Partner Capital Balance = $7,000,000 x 50% = $3,500,000 Account Assets (contributed by D) Capital - A Capital - B Capital - C Capital - D D C Scenario 3: New Partner D contributes $4,000,000 for a 50% capital share of the firm. The firm uses the goodwill method, and any excess over FMV is attributable to existing goodwill. $4,000,000 / 50% implies a FMV of $8,000,000 Total new contributed capital = $3,000,000 + $4,000,000 = $7,000,000 $1,000,000 difference = Goodwill Total New Capital = $3,000,000 + $4,000,000 + $1,000,000 = $8,000,000 Account Assets (contributed by D) Goodwill Capital - A Capital - B Capital - C Capital - D D C Scenario 4: New Partner D contributes $500,000 for 25% share of the firm. The firm uses the bonus method, and any bonus is attributable to the new partner. $500,000 / 25% implies a FMV of $2,000,000 Total new capital = $3,000,000 + $500,000 = $3,500,000 New Partner Capital Balance = (BV Original + New Contribution) x New Partner % New Partner Capital Balance = ($3,000,000 + $500,000) x 25% New Partner Capital Balance = $3,500,000 x 25% = $875,000 Account Assets (contributed by D) Capital - A Capital - B Capital - C Capital - D D C