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ce Black x 4 Myt X 2 My F X X My FX Ceng X 0 Mail X 1 Hom X P Jenn X * Hom x + ow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Emmett and Sierra formed a partnership dividing income as follows: 1. Annual salary allowance to Emmett of $48,000 2. Interest of 8% on each partner's capital balance on January 1 3. Any remaining net income divided equally. Emmett and Sierra had $25,000 and $140,000, respectively, in their January 1 capital balances. Net income for the year was $200,000. How much net income should be distributed to Emmett? 10:46 AM hp port se $7 19 & $ 9 4 15 6 8ce Black X My X 4 My/ x 54 MyFA Ceng X @ Mail X Kb Hom x P Jenn X * Hom x + com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Trevor Smith contributed equipment, inventory, and $54,000 cash to a partnership. The equipment had a book value of $30,000 and a market value of $36,000. The inventory had a book value of $60,000, but only had a market value of $20,000, due to obsolescence, The partnership also assumed a $17,000 note payable owed by Smith that was used originally to purchase the equipment. Provide the journal entry for Smith's contribution to the partnership. If an amount box does not require an entry, leave it blank. Previous Next ) 10:46 AM O prt sc 144 19 % & $ 5 6 8 9 4