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GENERAL REQUIREMENTS 1) This assignment is to be completed on an individual basis. Students who work together or copy from another student will be issued a failing grade for the course. Cheating of any kind will not be tolerated. 2) Please label and present all work in an organized fashion. Failure to show supporting work may be construed as cheating on the exam. 3) Please type all answers and supporting work directly in the body of THIS document and do not submit more than one document. 1. A partnership comprised of two partners has the following information regarding income and loss allocation: In its first year of business, the partnership generates an income of 120,000 . Prepare a schedule showing how much income should be allocated to each partner. 2. On May 30, John Jones sells 100% of his interest in a partnership to Stanley Smith for $120,000. All existing partners have agreed to admit the new partner. As of May 30, the capital account balance of John Jones is $105,000. Prepare any necessary journal entries on the books of the partnership on May 30. 3. On April 30, a partnership has total partnership capital as follows: The partners allocate income and losses 40% to partner =1 and 60% to partner =2. On April 30 , the partners agree to admit a new partner (partner =3 ) who pays $100,000 to the partnership for a 15% interest in the partnership. Prepare any necessary journal entries on the books of the partnership on April 30