spreaosneet template. 1. On July 1, three partners, H. Jones, Y. Read and T. Kent, decide to start up a partnership by investing $20 000 each. Record the general journal entry to establish the partnership. 2. L. Ong owns a boat rental business with $33 000 in cash and boats with a book value of $120 000. She decides to enter a partnership with B. Cooper, who has only $2 000 cash but also owns lakefront docks and land with a book value of $370 000. After some friendly negotiations, they agree that the fair market value of the boats is $105 000; the docks have a fair market value of $20 000 and the land has a fair market value of $390 000. Record the general journal entry to establish the partnership on July 1. 3. On August 1, Joan Taylor and Tom Maid are partners in The Taylor Maid Company. They have capital balances of $30 000 and $20 000 respectively, and have an income ratio of 60% and 40%. Record journal entries for each of the independent situations below about the admission of a new partner: 3. Jim Zucher agrees to purchase half of Taylor's equity for $18 000. b. Barry Thompson agrees to purchase all of Maid's equity for $17 000. c. Gary Malley invests $5 000 cash and equipment with a fair market value of $9 000 in the business