PROBLEM I (10%) lagojevich Company purchased a truck on 1/1/18 for $64,000. The truck was expected to have a ive-year 200,000 mile life with a scrap value of $4,000. In 2018 the truck was driven 10,000 miles alculate 2018 depreciation under: a) b) Straight-line method Units of production method 0 Double feclining Bala method PROBLEM 11(10%) Salt and Pepa formed a partnership called Hip Hop Associates on January 1,2019. Salt transfers to the partnership cash of $60,000 equipment whose original cost was $40,000 and whose accumulated depreciation is $20,000, but whose fair market value is S 13.000 and $6.000 of plies. Pepa contributes $90,000 in cash and merchandise inventory which originally cost her sup $18.000 but whose fair market value on 1/1/19 was $9,000. REQUIRED Prepare all the necessary journal entries relating to the formation of Hip Hop Associates. PROBLEM 111 (10%) Chandler Harrington and Lee have a partnership where income and losses are distributed on 2:1:1 basis. On January 1.2019 Chandler's capital balance was $120.000: Harrington's $100.000 and Lee's was $80,000. On January 1, 2019 Robinson contributed $100,000 and obtains a 20% equity stake in the "New" partnership. REQUIRED: Prepare the journal entry for Robinson's admission to the partnership PROBLEM. IV (20%) Peter Paul and Mary are partners. Their partnership agreement calls for distribution on income to be done as follows: 1. Salaries for Peter, Paul and Mary are $10,000, $20,000 and $25,000 respectively. 10% interest on all average capital balances. Peter's capital balance was $100,000, Paul's was $40.000 andMary's was $50,000. 2