Mei and Frank have capital balances on January 1 of $40,000 and $50,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $20,000 for Mei and $30,000 for Frank, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 30% by Mei and 70% by Frank The net income is $35,000. The entry to transfer the net income to each partner's capital 35,000 income Mei, Capital 16,800 Frank, Capital 18,200 16,800 18,200 b. Mei, Capital Frank, Capital Income Summary Net Income Mei, Capital 35,000 35,000 31,200 C. Income Summary d. Income Summary 35,000 Frank, Capital 51,800 9. P. Pan, T. Bell, and M. Mouse share income on a 8:4:2 basis. They have capital balances of $25,000, $30,000, and $20,000, respectively, when C. Hook is admitted to the partnership. Prepare the journal entry to record the admission of C. Hook assuming he purchased of 60% of T. Bers equity for $50,000. a. Cash C. Hook, Capital C. Hook, Capital T. Bell, Capital C. Hook, Capital 50,000 b T. Bell, Capital c. C. Hook, Capital d. T. Bell, Capital 18,000 18,000 12,000 18,000 12,000 Use the following information to answer questions 10 and 11. Mary and Rob share income on a 8:2 basis. They have capital balances of $200,000 and $100,000, respectively. when Noelle is admitted to the partnership. Prepare the journal entry to record the admission of Noelle under each of the following assumptions 10. Investment of $150,000 Cash cash for a 25% ownership interest with bonuses to the existing partners. r a. 150,000 Noelle Capital 150,000 b. Cash 150,000 Noelle Capital Mary, Capital Rob, Capital 112,500 30,000 7,500 112,500 Noelle Capital 112,500 d. Cash Mary, Capital Rob, Capital 112,500 30,000 7,500 Noelle Capital 150,000