please answer this as soon as possible thanks

K C E F G H 4 Razul and Amy decided to start a partnership called SA Consulting on January 1, 2020. SA Consulting assists business owners u 5 6 Amy 7 Cash Razul Cash Equipment Bank Loan 8 $40,000 1,90,000 80,000 Furniture $60,000 70,000 30,000 9 Accounts Payable 10 11 12 On March 1, Razul and Amy added a new partner to the business, Sheila. Sheila will contribute $100,000 and receive a 35% share of the 13 business. Use the capital balances from January 1 to determine any bonuses. Assume the existing partners will split any bonus evenly. 14 15 16 During the year, Razul and Amy withdrew $20,000 and $15,000 respectively and the business reported a net income of $400,000. Their 17 partnership agreement provided for sharing of net income (loss) on the following basis: 18 19 1. Salary of $60,000 is allocated to Razul, $50,000 to Amy, and $20,000 to Sheila. 20 2. Interest is allocated at 7% of each partner's opening capital balance. 21 3. Remainder is shared where Razul gets 40%, Amy gets 25%, and Sheila gets 35%. Winter 2022 Pleady 1. On March 31, 2020, Golden Grain spent $16,000,000 to purchase land that already comes with a building, which the company will use as a warehouse. The land has a fair value of $12,000,000 and the building has a fair value of $8,000,000 on the date of the purchase. The 3 building has a residual value of $2,000,000 and is expected to bring future economic benefits to the company evenly over its expected 4 useful life of 20 years. Because land and building were acquired together as a bulk purchase and because the building is attached to the 15 land, the intern recorded the $16,000,000 purchase simply as a debit to building and credit to cash. 16 17 118 2. On July 1, 2020, the company purchased a patent at a cost of $500,000. The patent has a legal life of 20 years even though its useful life 119 is expected to be only 10 years. The intern recorded the purchase as a debit to patent and credit to cash for $500,000. 120 121 3. On November 30, 2020, the building incurred some water damage. The company spent $30,000 to repair the damage. The intern 122 capitalized this cost by debiting building and crediting cash for $30,000. 123 124 For each of the above events, comment on whether the intern's treatment of the event correctly follows ASPE. If the intern was wrong, 6 marks 125 suggest what she should have done. 126 On June 1, 2020, Hanson Company borrowed a $500,000 note payable with a term of four years, bearing an annual interest rate of 8%. Of 7 this note, $100,000 plus interest is payable every May 31. Hanson has a November 30 year end, and it prepares adjusting entries and -8 financial statements only once a year. 19 50 Prepare the journal entry to record the cash receipt from the arranged note 51 52 Date Account Title and Explanation Debit Credit 2 marks 53 754 155 156 157 158 Prepare the required adjusting entry on November 30 159 160 Date Account Title and Explanation Debit Credit 2 marks 161 162 Winter 2022 Debit 65 66 Prepare the journal entry to record the payment of the first installment plus interest on May 31 767 168 Date Account Title and Explanation 169 170 171 172 173 Credit 2 ma 174 175 176 177 What would be the total note payable balance on May 31, 2021? How much of the loan would be considered current? 178 179 Total note payable = 180 Current portion= 181 182 h) Prepare the journal entry to record the partner withdrawals of cash at December 31 for SC Consulting. 3 mark Winter 2022 H Credit 182 h) Prepare the journal entry to record the partner withdrawals of cash at December 31 for SC Consulting. 183 184 Date Account Title and Explanation 185 Debit 186 187 188 189 190 191 192 193 e) Prepare a schedule showing the allocation of the net income to the partners of SC Consulting at year end. 194 195 Total Razul Amy 196 Net Income $4,00,000 197 15 m Sheila 198 Winter 2022 Peady H f) Prepare the journal entries to record the distribution of net income and the closing of the withdrawals accounts. Assume revenues and 206 expenses have been closed to the income summary account. 207 208 8 marks Date Account Title and Explanation 209 Debit Credit 210 211 212 213 1214 215 216 217 218 219 220 Winter 2022