Ranger and soul form a partnership by contributing the following ranger $100,000 cash and 50,000 in equipment sold 25,000 cash and 500,000 building the partnership also seems responsibility for the outstanding loan payable of $300,000 their partnership agreement calls for range and soul to share income and losses based on their percentage of overall ownership.

A. create journal entries to redord the intial formation of the partnership

B. the first year net income was a 110,000 using the partnership agreement allocate net income between the two partners

Cthe partners agree to add a third party partner Jones Jones contribute 150,000 cash for a 25% ownership prepare the journal entry to add Jones to the partnership

D. the new partnership earns a net income of $150,000 alligator net income between the three partners

E. determined the balance in partners capital account after I will give you the net income

F. in the next year at Ranger decide to retire so in Jones agree that the partnership will pay range or $200,000 upon his exit/retirement prepared a journal entry to remove Ranger from the partnership