PLEASE HELP, THIS IS MY 2nd TRY

Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O'Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2016, O'Donnell invests a building worth $108,000 and equipment valued at $64,000 as well as $98,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances. To entice O'Donnell to join this partnership, Reese draws up the following profit and loss agreement: O'Donnell will be credited annually with interest equal to 10 percent of the beginning capital balance for the year. O'Donnell will also have added to his capital account 10 percent of partnership income each year (without regard for the preceding interest figure) or $8,000, whichever is larger. All remaining income is credited to Reese. Neither partner is allowed to withdraw funds from the partnership during 2016. Thereafter, each can draw $9,000 annually or 15 percent of the beginning capital balance for the year, whichever is larger. The partnership reported a net loss of $8,000 during the first year of its operation. On January 1, 2017, Terri Dunn becomes a third partner in this business by contributing $21,000 cash to the partnership. Dunn receives a 20 percent share of the business's capital. The profit and loss agreement is altered as follows: O'Donnell is still entitled to (1) interest on his beginning capital balance as well as (2) the share of partnership income just specified. Any remaining profit or loss will be split on a 5:5 basis between Reese and Dunn, respectively. Partnership income for 2017 is reported as $82,000. Each partner withdraws the full amount that is allowed. On January 1, 2018, Dunn becomes ill and sells her interest in the partnership (with the consent of the other two partners) to Judy Postner. Postner pays $150,000 directly to Dunn. Net income for 2018 is $80,000 with the partners again taking their full drawing allowance. On January 1, 2019, Postner withdraws from the business for personal reasons. The articles of partnership state that any partner may leave the partnership at any time and is entitled to receive cash in an amount equal to the recorded capital balance at that time plus 10 percent. a. Prepare journal entries to record the preceding transactions on the assumption that the bonus (or no revaluation) method is used. Drawings need not be recorded, although the balances should be included in the closing entries. b. Prepare journal entries to record the previous transactions on the assumption that the goodwill (or revaluation) method is used. Drawings need not be recorded, although the balances should be included in the closing entries. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required Required Prepare journal entries to record the preceding transactions on the assumption that the bonus (or no revaluation) method is used. Drawings need not be recorded, although the balances should be included in the closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest dollar amount.) Show less nts Credit No 1 Date 01/01/2016 General Journal Building Equipment Cash O'Donnell, capital Reese, capital Debit 108,000 64,000 98,000 135,000 135,000 2 12/31/2016 29,500 Reese, capital O'Donnell, capital Income summary 21,500 8,000 3 01/01/2017 Cash O'Donnell, capital Reese, capital Dunn, capital 21,000 3,560 32,040 56,600 4 12/31/2017 22,941 9,000X 9,000 O'Donnell, capital Reese, capital Dunn, capital O'Donnell, drawings Reese, drawings Dunn, capital 22,941 9,000 9,000 5 12/31/2017 Income summary O'Donnell, capital Reese, capital Dunn, capital soos soos soooss oc soos soos soos ses soos 82,000 23,494 29,253 29,253 01/01/2018 76,853 Dunn, capital Postner, capital 76,853 7 12/31/2018 22,949X 14,057X 11,528 O'Donnell, capital Reese, capital Postner, capital O'Donnell, drawings Reese, drawings Postner, drawings 22,949XI 14,057X 11,528 8 12/31/2018 80,000 Income summary O'Donnell, capital Reese, capital Postner, capital 23,299 28,350X 28,350X 9 01/01/2019 Postner, capital O'Donnell, capital Reese, capital Cash 93,675X 937 8,430X 103,042X