Journalize the necessary entry for each transaction. $($Please leave any unnecessary boxes blank.$)$

Montez and Flair formed a partnership. Montez contributed $$15,000$ cash and accounts receivable worth $$12,000.$ Flair contributed cash of $$10,000$; supplies valued at $$17,000$; and inventory valued at $$1,000.$ Prepare the journal entries to record each partner's investment in the new partnership.

a$)$ Montez's contribution

$\backslash$table$[[$DATE$,$Debit,Credit$],[\frac{x}{x},,],[,,],[,,]]$

b$)$ Flair's contribution

$\backslash$table$[[$DATE$,,$Debit,Credit,$],[\frac{x}{x},,,,],[,,,,],[,,,,],[,,,,],[,,,,]]$

Determine the net income to be allocated to each partner.

Danger and Tol formed a partnership with capital contributions of $$150,000$ and $$180,000,$ respectively. Their partnership agreement called for Danger to receive a $$60,000$ annual salary allowance. They also agreed to allow each partner an interest allowance equal to $10\%$ of their initial capital investments. The remaining income or loss is to be divided equally. If the net income for the current year is $$120,000,$ what are Danger's and Tol's respective shares?

$\backslash$table$[[,$Danger,Tol$],[\backslash$table$[[$Allocated$],[$Net$],[$Income$]],,]]$

Lin and Coral invested $$99,000$ and $$126,000,$ respectively, in a partnership they began one year ago. Assuming the partnership earned $$240,000$ during the current year; compute the share of the net income each partner should receive under each of these independent assumptions.

a$)$ The partnership contract specifies salary allowances of $$45,000$ to Lin and $$60,000$ to Coral, and any remaining balance is shared equally.

$\backslash$table$[[,$Lin,Coral$],[\backslash$table$[[$Allocated$],[$Net$],[$Income$]],,]]$

b$)$ The partnership contract specifies salary allowances of $$45,000$ to Lin and $$60,000$ to Coral, interest allowance of $10\%$ on the partners' beginning capital balance for the year, and any remaining balance is shared equally.

$\backslash$table$[[,$Lin,Coral$],[\backslash$table$[[$Allocated$],[$Net$],[$Income$]],,]]$

Jakobs, Penn, and Lundt are partners with beginning$-$of$-$year capital balances of $$400,000,$$$320,000,$ and $$160,000,$ respectively. The partners agreed to share income and loss as follows: Salary of $$30,000$ to Jakobs, $$50,000$ to Penn, and $$36,000$ to Lundt. An interest allowance of $8\%$ on beginning$-$of$-$year capital balances. Any remaining balance is to be divided equally. If partnership net income for the year is $$190,000,($a$)$ determine each partner's share and $($b$)$ make the appropriate journal entry to close the Income Summary to the capital accounts.

a$)$ Allocate net income.

$\backslash$table$[[,$Jakobs,Penn,Lundt$],[$Allocated Net Income,,,$]]$

b$)$ Close the income summary account to each partner's capital account.

$\backslash$table$[[$DATE$,,$Debit,Credit$],[\frac{12}{31},,,],[,,,],[,,,],[,,,]]$