Solve the following

Chapter 1 - Accounting for Partnership Formation & Operation Cha PROBLEM 1 - 10 On December 1, of the current year, James invited Lakers to join him in business, Lakers agreed provided that James will adjust the accumulated depreciation of his equipment account to certain amount, and will recognize additional accrued expenses of P10,000. After that, Lakers is to invest additional pieces of equipment to make his interest equal to 45%. The capital balance of James before and after adjustment were P139,000 and P121,000, respectively. What is the effect in the carrying value of equipment as a result of admission of Lakers? PROBLEM 1 - 11 On February 1, 2019, Flores, Gilroy, and Hansen began a partnership in which Flores and Hansen contributed cash of P25,000; Gilroy contribute property with a fair value of P50,000 and a tax basis P40,000, Gilroy receives a 5% bonus of partnership income. Flores and Hansen receive salaries of P10,000 each. The partnership agreement of Flores, Gilroy, and Hansen provides all partners to receive a 5% interest on capital and that profits and losses be divided of the remaining income be distributed to Flores, Gilroy, and Hansen by a 1:3:1 ratio. Required: 1. Prepare a schedule to distribute P50,000 partnership net income to the partners. 2. Prepare a schedule to distribute P20,000 partnership net loss to the partners. PROBLEM 1 - 12 Evans, Fitch, and Gault operate a partnership with a complex profit and loss sharing agreement. The average capital balance for each partner on December 31, 2019 is P300,000 for Evans, P250,000 for Fitch, and P325,000 for Gault. An 8% interest allocation is provided to each partner. Evans and Fitch receive salary allocations of P10,000 and P15,000, respectively. If partnership net income is above P25,000, after the salary allocations are considered (but before the interest allocations are considered), Gault will receive a bonus of 10% of the original amount of net income. All residual income is allocated in the ratios of 2:3:5 to Evans, Fitch, and Gault, respectively. Required: 1. Prepare a schedule to allocate income to the partners assuming that partnership net income is P250,000. 2. Prepare a journal entry to distribute the partnership's income to the partners (assume that an Income Summary account is used by the partnership). 3. Prepare a schedule to allocate income or loss to the partners assuming that the partnership incurs a net loss of P36,000