QUESTION 1 Luke and John share income and losses in a 2:1 ratio after allowing for salaries of $48,000 to Luke and $60,000 to John. Net income for the partnership is $93,000. Income should be divided as a Luke, $55,000: John, $38,000 b.Luke, $38,000; John, $33,000 ( . Like, S46300; John, S46.500 d. Luke, $65,000; John, $28,000 QUESTION 2 Use the information below to answer the questions that follow. Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of S7,500 and a fair market value of S18,000. Kelsey will invest a building with a book valuc of $40,000 and a fair market value of $44,000 What amount will be recorded to the building account? a$14,000 b. $40,000 C.$44,000 d.$24,000 QUESTION3 In the distribution of income, the net income is less than the salary and interest allowances granted; the remaining balance will be a negative amount that must be divided among the partners as though it were a loss. True False UESTION 4 X sells to A one-half of a partnership capital interest that totals $70,000 for $40,000. A's capital account in the partnership should be credited for $40,000. True False