QUESTION ONE (12 marks) Propare the required joumal entries on the following page showing ary tequirod calculations to recelve full marks a) Ames and Brodorick have deternined that their share of the $70,000 annual income, eccording to the partnership agreement is $24,400 and $45,600. Prepare the eriry to distribute the incomo to the partners. (3 marks) b) Mongiollo and Long allow Khan to purchase 20 . of the parthership tor $50.000 cash. Mongietlo and Long have total equity of $150,000 prior to Khan becoming a partner. Prepare the joumal entry to record the admission of Khan to the partnership/(4 matks). c) The Quitman Partnership agrees to dissolve. The final capital account balances are: Wong: $80,000; Winslow, $70,000; and Peters, ($4,000) Peters is unable to pory the capital deficiency. Prepare the joumal entries to recoed the transactions requared to dissolve the partnership. ( 5 maiks)