of financial position at December 31, 2022. valu- Comprehensive Accounting Cycle Review ACR13 Writing Part I Mindy Feldkamp and her two colleagues, Oscar Lopez and Lori Melton, are personal trainers at an upscale health spa/resort in Madrid. They want to start a health club that specializes in health plans for people in the 50+ age range. The growing population in this age range and strong consumer interest in the health benefits of physical activity have convinced them they can profitably operate their own club. In addition to many other decisions, they need to determine what type of business organization they want. Oscar believes there are more advantages to the corporate form than a partnership, but he hasn't yet convinced Mindy and Lori. They have come to you, a small-business consulting specialist, seeking information and advice regarding the choice of starting a partnership ver- sus a corporation. Instructions a. Prepare a memo (dated May 26, 2021) that describes the advantages and disadvantages of both partnerships and corporations. Advise Mindy, Oscar, and Lori regarding which organizational form you believe would better serve their purposes. Make sure to include reasons supporting your ad- vice. Part II After deciding to incorporate, each of the three investors receives 20,000 2 par ordinary shares on June 12, 2021, in exchange for their co-owned building (200,000 fair value) and 100,000 total cash they contributed to the business. The next decision that Mindy, Oscar, and Lori need to make ation and equipment. They understand the difference between equity and earnings per share conse