Question 1: Ren Li and Chen Guo decide to organize the ALL-Star partnership. Li invests HK$160,000 cash, and Guo contributes HK$110,000 cash and equipment having a book value of HK$32,000. Prepare the entry to record Guo's investment in the partnership, assuming the equipment has a fair value of HK$65,000. Question 2: Guang-Qing Ltd. reports net income of NT$200,000. The income ratios are Guang 65% and Qing 35%. Indicate the division of net income to each partner, and prepare the entry to distribute the net income