Please answer the following questions, Thanks!

Q1

1. Laura and Sally are partners who share profits 60% and 40%. Their capital balances were both $60,000 before Karen was admitted to the partnership. Karen paid $70,000 each to Laura and Sally for purchase of a 25% interest in the partnership. After her admission to the partnership, Karen will have a capital balance of $. 2. Jim and Mary are partners who share profits 60% and 40%. Their capital balances were both $60,000 before Betty was admitted to the partnership. Betty contributed $100,000 in cash to the partnership for a 30% interest. After Betty is admitted to the partnership, Jim will have a capital balance of $_ 3. Jerry and Sundar are partners who share profits 40% and 60%. Before Bill was admitted to the partnership, Jerry's and Sundar's capital balances were $85,000 and $60,000, respectively. Bill contributed $95,000 in cash to the partnership for a one-half interest. After Bill is admitted to the partnership, Sundar will have a capital balance of $ 4. Rick, Sam, and Yeshiv are partners who share profits 50%, 25%, and 25%. Their capital balances were $78,000, $52,000, and $30,000, respectively, before Yeshiv's retirement. Rick and Sam each paid Yeshiv $20,000 from their personal assets to buy half his interest. After Yeshiv has withdrawn, Rick will have a capital balance of $ 5. Matt, Nick, and Scott are partners who share profits 30%, 30%, and 40%. Their capital balances were $105,000, $70,000, and $35,000, respectively, before Scott's retirement. Scott was paid $55,000 from partnership assets to buy his interest. After Scott has withdrawn, Matt will have a capital balance of $ 6. Gina, Jane, and Ping are partners who share profits 40%, 20%, and 40%. Their capital balances were $35,000, $15,000, and $10,000, respectively, before Ping's retirement. Ping was paid $7,000 from partnership assets to buy her interest. After Ping has withdrawn, Gina will have a capital balance of $Explain the following about the use of the instalment method of accounting for a sale: 1. Under what circumstances the instalment method should be used. 2. What the effects of the instalment method are on the income statement (a) At the time of the sale. (b) When cash is collected in a later period