question 1) Journalize the formation of this partnership.

M. Jaren and P. Mohan are forming a partnership on May 1. M. Jaren brings with her $10300 cash and an automobile that was purchased for $30,000. Accumulated amortization on the automobile is $9000.

P. Mohan brings with him $4400 cash, and land with a fair market value of $60,000. The partners agree that the fair market value of the automobile is $20500.

question 2) R. Ross and M. Mike have a partnership that has earned a net income of $90000 this year. It is now December 31.

Journalize the allocation of net income to each partner based on the following scenarios:

a) Ross and Mike divide the profits equally.

b) Ross has a capital balance of $6000 and Mike has a capital balance of $40,000. They each get paid a salary of $5000, earn 10% interest from their capital balances, and the remainder of net income is divided equally.

question 3) R. Zane and S. Kris are partners. According to their partnership agreement, they each earn a salary of $10,000 each year, and income is split 4:3 between Zane and Kris, respectively.

Their business suffered a loss of $57500 this past year. It is now December 31.