Q 10 - Khalid Al Abri (beginning capital, $50,000) and Majid Al Rawahi (beginning capital $80,000) are partners. During 2020, the partnership earned net income of $60,000, and Khalid made drawings of $15,000 while Majid made drawings of $20,000. Instructions (a). Assume the partnership income-sharing agreement calls for income to be divided 65% to Khalid and 35% to Majid. Prepare the journal entry to record the allocation of net income. (b). Assume the partnership income-sharing agreement calls for income to be divided with a salary of $35,000 to Khalid and $20,000 to Majid Al Rawahi, with the remainder divided 65% to Khalid Al Abri and 35% to Majid Al Rawahi. Prepare the journal entry to record the allocation of net income. 3 (c). Assume the partnership income-sharing agreement calls for income to be divided with a salary of $45,000 to Khalid Al Abri and S30,000 to Majid Al Rawahi, interest of 10% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to record the allocation of net income. (d). Compute the partners' ending capital balances under the assumption in part (c). Q8 - Raysut Cement acquired 25% of the outstanding common stock of Al Madinat, Inc. on January 1, 2020, by paying $1,350,000 for 50,000 shares. Al Madinat declared and paid a $0.50 per share cash dividend on June 30 and again on December 31, 2020. AI Madinat reported net income of $750,000 for the year. At December 31, 2020, the market price of Al Madinat's common stock was $35 per share. Instructions (a). Prepare the journal entries for Raysut Cement for 2020 assuming Raysut cannot exercise significant influence over Al Madinat. (Use the cost method and assume Al Madinat common stock should be classified as available-for-sale.) (b). Prepare the journal entries for Raysut Cement for 2020, assuming Raysut can exercise significant influence over Al Madinat. (Use the equity method.) (e). In tabular form, indicate the investment and income account balances at December 31, 2020, under each method of accounting