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31 Dalton Corp. owned 70% of the outstanding common stock of Shrugs Inc. On January 1, 2016, Dalton acquired a building with a ten-year life for $420,000. No salvage value was anticipated and the building was to be depreciated on the straight-line basis. On January 1, 2018, Dalton sold this building to Shrugs for $392,000. At that time, the building had a remaining life of eight years but still no expected salvage value. For consolidation purposes, what is the Excess Depreciation (ED entry) for this building for 20187 A) Accumulated Depreciation 7,000 B) Accumulated Depreciation 4,900 C) Depreciation Expense D) Depreciation Expense E) Accumulated Depreciation Depreciation expense Depreciation Expense Accumulated Depreciation Accumulated Depreciation Depreciation Expense 7,000 4,900 42,000 7,000 4,900 7,000 4,900 42,000 32 Cherryhill and Hace had been partners for several years, and partnership. The accountant for the partnership believed that the dissolved partn formed partnership were two separate entities. What method would the recording the admission of Quincy to the partnership? A) The bonus method. B) The equity method C) The goodwill method. D) The proportionate method. E) The cost method. they decided to admit Quincy to the ership and the newly accountant have used for Donald, Anne, and Todd have the following capital balances; $40,000, S50,000 and $30,000 respectively. The partners share profits and losses 20%, 40%, and 40% respectively. 33. Anne retires and is paid $80,000 based on an independent appraisal of the business. If the goodwill method is used, what is the capital of the remaining partners? A) Donald, $55,000; Todd, $60,000 B) Donald, $40,000; Todd, $30,000 C) Donald, $65,000; Todd, $55,000 D) Donald, $15,000; Todd, $30,000 E) Donald, $25,000; Todd, $0 34. Anne retires and is paid $80,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital of the remaining partners? A) Donald, $40,000; Todd, $30,000 B) Donald, $30,000; Todd, $10,000 C) Donald, $50,000; Todd, $50,000 D) Donald, $24,000; Todd, $18,000 E) Donald, $70,000; Todd, $40,000 35 What is the total partnership capital after Anne retires receiving $80,000 and using the bonus method? A) $70,000. B) $40,000. C) $60,000 D) $80,000 E) $42,000. 36. Cherryhill and Hace had been partners for several years, and they decided to admit Quincy to the partnership. The accountant for the partnership believed that the dissolved partnership and the newly formed partnership were two separate entities. What method would the accountant have used for recording the admission of Quincy to the partnership? A) The bonus method. B) The equity method. C) The goodwill method. D) The proportionate method. E) The cost method. 37. The partnership of Clapton, Seidel, and Thomas is insolvent and will be unable to pay $30,000 in liabilities that are currently due. What recourse is available to the partnership's creditors? A) They must present equal claims to the three partners as individuals. B) They must try to obtain payment from the partner with the largest capital account balance. C) They cannot seek remuneration from the partners as individuals. D) They may seek remuneration from any partner they choose. E) They must present their claims to the three partners in descending order based on the partners' capital account balances. Cleary, Wasser, and Nolan formed a partnership on January 1, 2017, and made capital contributions of $100,000 (Cleary), $150,000 (Wasser), and $200,000 (Nolan), respectively. With respect to the division of income, they agreed to the following: (1) interest of an amount equal to 10% of the that partner's beginning capital balance for the year; (2) annual compensation of $10,000 to Wasser; and (3) the remainder of the income or loss to be split among the partners in the following percentages: (a) 20% for Cleary; (b) 40% for Wasser, and (c) 40% for Nolan. Net income was $150,000 in 2017 and $180,000 in 2018. Each partner withdrew $1,000 for personal use every month during 2017 and 2018