Look at the attached file for all the questions that need to be answered! Thank You!

26. On June 30, 2006, the balance sheet of Cole, Dunn, and Etna showed the following amounts: Assets $500,000 Liabilities Cole, capital Dunn, capital Etna, capital $250,000 100,000 90,000 60,000 Profits and losses are shared 50:30:20 by Cole, Dunn, and Etna, respectively. Cole is retiring from the partnership and by mutual agreement among the partners he receives $115,000 in the final settlement. No goodwill is to be recorded. What are the balances of the capital accounts of Dunn and Etna immediately after the retirement of Cole? A. Dunn, $ 81,000; Etna, $ 54,000. B. Dunn, $ 300,000; Etna, $ 200,000. C. Dunn, $ 99,000; Etna, $ 66,000. D. Dunn, $ 90,000; Etna, $ 60,000. 29. On May 1, 2006, Cobb and Mott formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. Cobb contributed a parcel of land that cost him $10,000. Mott contributed $40,000 cash. The land was sold for $18,000 on May 1, 2006, immediately after formation of the partnership. What amount should be recorded in Cobb's capital account on formation of the partnership? A. $ 10,000. B. $ 15,000. C. $ 18,000. D. $ 17,400. Use the following fact pattern to answer Questions 30 and 31: Jipsom and Klark were partners with capital account balances of $80,000 and $100,000, respectively. Looney paid $32,000 to Jipsom and $40,000 to Klark directly for 30% of their interests in the partnership. Jipsom and Klark shared income in the ratio of 2:3. Looney was admitted to the partnership using the goodwill method. 30. Klark's partnership equity balance after recording the admission of Looney would be: A. $140,000. B. $59,200. C. $95,200. D. $72,000. 31. Assume the same facts above except that Looney pays the $72,000 cash into the partnership for a 20 % interest. Jipsom's partnership equity balance after recording the admission of Looney would be: A. $108,000. B. $98,560. C. $97,800. D. $123,200. Eden contributes $49,000 into the partnership for a 25% interest. The four original partners share profits and losses equally. Land is undervalued by $17,000. 32. Using the bonus method, Eden's partnership equity balance after recording the contribution would be: A. $100,000. B. $49,000. C. $113,000. D. $105,000. 33. Eden contributed $124,000 in cash to the business to receive a 20% interest in the partnership. Goodwill was to be recorded along with the land write-up. The four original partners shared all profits and losses equally. After Eden made his investment, Cordas' partnership equity balance would be: A. $149,000. B. $184,250, C. $148,000. D. $153,250. 34. Eden contributed $124,000 in cash to the business to receive a 20% interest in the partnership. Goodwill was to be recorded along with the land write-up. The four original partners shared all profits and losses equally. The amount of goodwill recorded as a result of Eden's partnership entry would be: A. $145,000. B. $162,000, C. $124,000. D. $128,000. 35. Assume that Eden contributed $124,000 in cash to the partners directly for a 20% interest in the partnership. Goodwill was to be recorded along with the land write-up. The four original partners shared all profits and losses equally. After the investment is recorded, Eden's partnership equity balance would be: A. $155,000. B. $124,000. C. $100,000. D. $119,750