Question list Question 6 Requirements K The partnership of Left & Right admits Center as a partner on January 1, 2016. The partnership has these balances on December 31, 2015: (Click on the icon to view the balance sheet.) Left's share of profits and losses is 70% and Right receives 30%. (Items 1, 2, and 3 are independent.) 1. Suppose Center pays Right $35,000 to buy out Right. Left approves Center as a partner. Record the transfer of equity on the partnership books on January 1, 2016. a. b. Prepare the partnership balance sheet immediately after Center is admitted as a partner. 2. Suppose Center becomes a partner by contributing $45,000 cash on January 1, 2016, to acquire a one-fifth interest in the business. a. Compute Center's capital balance, and determine whether there's any bonus. If so, who gets the bonus? b. Journalize Center's contribution in the business. c. Prepare the partnership balance sheet immediately after Center is admitted as a partner. Include the heading. 3. Assume the Left & Right partnership liquidates by selling its non-cash assets for $93,000. Prepare the entries to liquidate the partnership on January 1, 2016. Print Done Data table Left and Right Balance Sheet December 31, 2015 Assets Cash Non-cash Assets $ Liabilities 10,000 Accounts Payable 115,000 $ 33,000 Partners' Equity Left, Capital 62,000 Right, Capital 30,000 Total Partners' Equity 92,000 $ 125,000 Total Assets Total Liabilities and Partners' Equity $ 125,000 Print Done