Journalizing Partner's Original Investment

Xi Lin contributed land, inventory, and $32,000 cash to a partnership. The land had a book value of $72,000 and a market value of $133,000. The inventory had a book value of $50,900 and a market value of $46,800. The partnership also assumed a $52,000 note payable owed by Lin that was used originally to purchase the land.

Required:

Provide the journal entry for Lin's contribution to the partnership. If an amount box does not require an entry, leave it blank.

		fill in the blank 2	fill in the blank 3
		fill in the blank 5	fill in the blank 6
		fill in the blank 8	fill in the blank 9
		fill in the blank 11	fill in the blank 12
		fill in the blank 14	fill in the blank 15

Dividing Partnership Net Income

Steve King and Chelsy Stevens formed a partnership, dividing income as follows:

1. Annual salary allowance to Stevens of $174,420.
2. Interest of 6% on each partner's capital balance on January 1.
3. Any remaining net income divided to King and Stevens, 1:2.

King and Stevens had $87,000 and $117,000, respectively, in their January 1 capital balances. Net income for the year was $306,000.

Required:

How much net income should be distributed to King and Stevens? King: $fill in the blank 1 Stevens: $fill in the blank 2