Recording Partner's Original Investment Hannah Freeman and and Hugo Hernandez form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Freeman, sole proprietorship: Hannah Freeman Proprietorship Balance Sheet June 1, 20Y3 Cash $59,600 Accounts receivable $112,000 Less: Allowance for doubtful accounts 6,600 105,400 Land 268,000 $104,000 Equipment Less: Accumulated depreciation equipment 64,400 39,600 Total assets $472,600 Accounts payable $33,400 Notes payable 95,900 Hannah Freeman, capital 343,300 Total liabilities and owner's equity $472,600 Freeman obtained appraised values for the land and equipment as follows: Land $373,000 Equipment 30,900 An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $9,600. Journalize the partnership's entry for Freeman's investment. For a compound transaction, if an amount box does not require an entry, leave it blank. Journalize the partnership's entry for Freeman's investment. For a compound transaction, if an amount box does not require an entry, leave it blank. Cash 59,600 Accounts Receivable 112,000 Land 373,000 Equipment 30,900 Allowance for Doubtful Accounts 9,600 Accounts Payable 33,400 Notes Payable 95,900 Hannah Freeman, Capital 343,300 X Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $210,000 and $70,000, respectively, Determine their participation in the year's net income of $285,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. C. Interest at the rate of 6% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $38,000 and $49,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 6% on original investments, salary allowances of $38,000 and $49,000, respectively, and the remainder divided equally. Hawes Albright (a) $ 142,500 142,500 (b) $ 213,750 71,250 (c) 10,500 X 3,500 x (d) (e)