K COLLEGE EINANCE 1) Todd is investing in a partnership with Joseph. Todd contributes equipment that originally cost $42,000, has a book volue od fon inc0, end a fair value of $26,000. The entry that the partnership makes to record Tod's initial contribution includes a A credit to Accurnulated Depreciation for $22,000. Eqvipma nJ debit to Equipment for $42,000. B C debit to Equipment for $22,000. D debit to Equipment for $26,000. E none of the above. 2) The partnership agreement of Alix, Gise, and Bosco provides for the following income ratio: (a) Alix, the managing partner, receives a salary allowance of $108,000, (b) each partner receives 15% interest on average capital investment, and (c) remaining net income or loss is divided equally. The average capital investments for the year were: Alix $600,000, Gise $1,200,000, distrib uted to 0i900, and Bosco $1.,800,000. If partnership net income is $720,000, the amount to Gise should be: A $240,000. $180,000. $186,000. D $204,00o. E none of the above. 3) The partners' income and loss sharing ratio is 2:3:5, respectively CHENARD, JENNINGS, AND BLAIR PARTNERSHIP Balance Sheet December 31, 2017 Assets Cash 45,000 Liabilities 285,000 Chenard, Capital $150,000 Noncash assets 60,000 90,000 Jennings, Capital Blair, Capital 30.000 Total $330,000 Total $330,000 If the CHENARD, JENNINGS, and BLAIR Partnership is liquidated by selling the noncash assets for $195,000 and creditors are paid in full, what is the amount of cash that can be safely distributed to each partner? CHENARD, $36,000; JENNINGS, $54,000; BLAIR, so. A B CHENARD, $34,500; JENNINGS, $5s,500; BLAIR, so. CHENARD, $42,000; JENNINGS, $63,000; BLAIR, $15,000. CHENARD, $33,000; JENNINGS, $57,000; BLAIR, $0. none of the above