Question 3: Liu Jiqin has owned and operated a proprietorship for several years. On January 1", he decides to terminate this business and become a partner in the firm of Feng and Jiqin. Jiqin's investment in the partnership consists of HK$140,000 in cash, and the following assets of the proprietorship: accounts receivable HK$ 130,000 less allowance for doubtful accounts of HK$20,000, and equipment HK$200,000 less accumulated depreciation of HK$45,000. It is agreed that the allowance for doubtful accounts should be HK$28,000 for the partnership. The fair value of the equipment is HK$175,500. Instructions Journalize Jigin's admission to the firm of Feng and Jiqin. Question: In Royweb Co., beginning capital balances on January 1, 2017, are Ken Rory 20,000 and Diane Webb 18,000. During the year, drawings were Rory 7,000 and Webb 3,000. Net income was 29,000, and the partners share income equally Instructions Prepare the partners' capital statement for the year to calculate the partners' capital balances as on Dec, 31 2017