On January 1, 2016, Tony and Jon formed T&J Personal Financial Planning with capital investments of $483,500 and $341,900, respectively. The partners wanted to draft a profit and loss agreement that would reward each individual for the resources invested in the partnership. Accordingly, the partnership agreement provides that profits are to be allocated as follows:

1.Annual salaries of $42,700 and $65,100 are granted to Tony and Jon, respectively.2.In addition to the salary, Jon is entitled to a bonus of 10% of net income after salaries and bonus but before interest on capital investments is subtracted.3.Each partner is to receive an interest credit of 8% on the original capital investment.4.Remaining profits are to be allocated 40% to Tony and 60% to Jon.

On December 31, 2016, the partnership reported net income before salaries, interest, and bonus of $190,300.

Calculate the 2016 allocation of partnership profit.(Round answers to 0 decimal places, e.g. 5,125.)

TonyJonIncome allocation$

Q2 Question 7

Beth, Steph, and Linda have been operating a small gift shop for several years. After an extensive review of their past operating performance, the partners concluded that the business needed to expand in order to provide an adequate return to the partners. The following balance sheet is for the partnership prior to the admission of a new partner, Mary.

Cash$173,000Other Assets589,000$762,000Liabilities$144,000Beth, Capital (40%)270,000Steph, Capital (40%)228,000Linda, Capital (20%)120,000$762,000

Figures shown parenthetically reflect agreed profit-and-loss sharing percentages.

the necessary journal entries to record the admission of Mary in each of the following independent situations. Some situations may be recorded in more than one way.

$

(b)

Mary is to invest $160,000 for a one-fifth capital interest.

This question has part c and d plz answer all questions