ment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator-assignment-takeinprogress-false eBook Partner bonuses, statement of partnership equity The partnership of Angel Investor Assodiates began operations on January 1, 20Ys, with contributions from two partners as follows: Dennis Overton Ben Testerman The following additional partner transactions took place during the year: I. In early January, Randy Campbell is admitted to the partnership by contributing $75,000 cash for a 20% interest. 2. Net income of $150,000 was earned in 20Y5. In addition, Dennis Overton received a salary allowance of $40,000 for the year. The three partners agree to an income-sharing ratio equal to their capital balances after admitting Campbell. 3. The partners' withdrawals are equal to half of the increase in their capital balances from salary allowance and income. Prepare a statement of partnership equity for the year ended December 31, 20YS Calculator Print Item $180,000 120,000 Angel Investor Associates Statement of Partnership Equity For the Year Ended December 31, 20Y5 Dennis Overton, Capital Ben Testerman, Capital Randy Campbell, Capital Total Partnership Capital Balances, January 1, 20YS Admission of Randy Campbell Salary allowance Remaining income Partner withdrawals Balances, December 31, 20Y5 Check My Work Previous Next ent takeAssignment Main doinvoker= assignments& takeAssignment essonLocator: assignment take&inprogress=false eBook Show Me How Calculator Print Item Admitting New Partners Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $210,000 and $62,500, respectively. Etter, with the consent of Santori, sells one-third of his interest to Lonnie Davis. a. What entry is required by the partnership if the sales price is $60,0002 b. What entry is required by the partnership if the sales price is $80,000? Check My Work Previous Ne ment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator-assignment-takeinprogress-false eBook Partner bonuses, statement of partnership equity The partnership of Angel Investor Assodiates began operations on January 1, 20Ys, with contributions from two partners as follows: Dennis Overton Ben Testerman The following additional partner transactions took place during the year: I. In early January, Randy Campbell is admitted to the partnership by contributing $75,000 cash for a 20% interest. 2. Net income of $150,000 was earned in 20Y5. In addition, Dennis Overton received a salary allowance of $40,000 for the year. The three partners agree to an income-sharing ratio equal to their capital balances after admitting Campbell. 3. The partners' withdrawals are equal to half of the increase in their capital balances from salary allowance and income. Prepare a statement of partnership equity for the year ended December 31, 20YS Calculator Print Item $180,000 120,000 Angel Investor Associates Statement of Partnership Equity For the Year Ended December 31, 20Y5 Dennis Overton, Capital Ben Testerman, Capital Randy Campbell, Capital Total Partnership Capital Balances, January 1, 20YS Admission of Randy Campbell Salary allowance Remaining income Partner withdrawals Balances, December 31, 20Y5 Check My Work Previous Next ent takeAssignment Main doinvoker= assignments& takeAssignment essonLocator: assignment take&inprogress=false eBook Show Me How Calculator Print Item Admitting New Partners Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $210,000 and $62,500, respectively. Etter, with the consent of Santori, sells one-third of his interest to Lonnie Davis. a. What entry is required by the partnership if the sales price is $60,0002 b. What entry is required by the partnership if the sales price is $80,000? Check My Work Previous Ne
