Paco and Kate invested $100,000 and $125,000, respectively, in a partnership they began one year ago. Assuming the partnership's net income was $155,000 for this year, calculate the share of the net income each partner should receive under the following assumptions. (SHOW YOUR CALCULATION) (6 marks) Paco's Share Kate's Share (1) The partnership agreement specifies salary allowances of $67,000 to Paco and $59,000 to Kate, and any balance shared equally (2) The partnership agreement specifies salary allowances of $43,000 to Paco and $52,000 to Kate, 15% interest on their investments, and any balance shared equally Michael Inc. is authorized to issue 50,000, $8, no par value, cumulative, fully participating preferred shares, and 750,000 no par value common shares. Prepare journal entries to record the following transactions that occurred during the first year of operations: (6 marks) Jan. 10 Sold 76,000 common shares for $8.5 per share, cash. 15 Exchanged 10,000 preferred shares for equipment with a fair market value of $89,000.- Feb. 1 Exchanged 600 common shares for $3,000 worth of legal fees incurred during organization. Your