On January 1, 2016 Longo, Durak, and Chen formed a partnership. The partnership agreement signed by of the includes the following information: Each partner will receive 8 percent interest on their beginning capital balance for the year. Durak will receive an annual compensation of $10,000 in the first year of the partnership and $20,000 annually thereafter. The allocation of the partnership income or loss (after interest and annual compensation) will be based on the following percentages: o Longo - 25 percent o Durak - 40 percent o Chen - 35 percent Additional Information The initial capital contributions made by the partners on January 1, 2016 is a follows: o Longo - $ 100,000 o Durak - $ 150,000 o Chen - $ 200,000 Net income (loss) in the partnership was as follows: o December 31, 2016 - $180,000 Profit o December 31, 2017 - $150,000 Profit o December 31, 2018 - ($200,000) Loss o December 31, 2019 - $ 30,000 Profit . Each partner withdrew $1,000 for personal use every month during 2016 and 2017 and $2,000 for personal use every month during 2018 and 2019 Required In order to receive credit for any of your answer you much provide all of the calculations showing how you arrived at your answer; no rounding of numbers (when applicable) is allowed; and partial credit will NOT be given for any incorrect answer. Based on the above fact pattern please answer all of the following questions: A. What was Longo's total share of net income (loss) for the following years? o December 31, 2016 o December 31, 2017 o December 31, 2018 o December 31, 2019 B. What was Durak's total share of net income (loss) for the following years? o December 31, 2016 o December 31, 2017 o December 31, 2018 o December 31, 2019 C. What was Chen's total share of net income (loss) for the following years? o December 31, 2016 o December 31, 2017 o December 31, 2018 o December 31, 2019 D. What is Longo's ending capital balance in each of the following years? o December 31, 2016 o December 31, 2017 o December 31, 2018 o December 31, 2019 E. What was Durak's ending capital balance in each of the following years? o December 31, 2016 o December 31, 2017 o December 31, 2018 o December 31, 2019 F. What was Chen's ending capital balance in each of the following years? o December 31, 2016 o December 31, 2017 o December 31, 2018 o December 31, 2019 G. What was the total amount of interest received by Longo for each of the following years? o December 31, 2016 o December 31, 2017 o December 31, 2018 o December 31, 2019 H. What was the total amount of interest received by Durak for each of the following years? o December 31, 2016 o December 31, 2017 o December 31, 2018 o December 31, 2019 I. What was the total amount of interest received by Chen for each of the following years? o December 31, 2016 o December 31, 2017 o December 31, 2018 o December 31, 2019 J. Prepare all journal entries relating to each of the following years along with the initial recording of the formation of the partnership. Assume (if applicable) that all revenue and expenses have been closed to income (loss) summary. o January 1, 2016 o December 31, 2016 o December 31, 2017 o December 31, 2018 o December 31, 2019
