Steffi and Leigh form a partnership. Steffi invests $1,000 cash, $2,000 of supplies, inventory with a book value of $3,500 and market value of $3,000, and machinery with a book value of $4.900 and market value of $4,000. Prepare the partnership's journal entry to record Steffi's investment Answer is complete but not entirely correct. No Transaction General Journal 1 Debit Credit Cash Supplies Inventory Machinery Sto, Capital polo 1,000 2,000 3,500 3,000 9.500 Ched Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $50,000 to Ramer and $40,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $98,800. 2. Determine each partner's share given a first-year net loss of $16,800 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each partner's share given a first-year net income of $98,800 $ Total 98,800 O Allocation of Partnership Income Ramer Knox Net Income (los) Salary allowances Balance of income (loss) Interest allowances Balance of income foss) Balance allocated equally Balance of income oss) Shares of the partners 0 0 Required Required 2 > Check my w Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $50,000 to Ramer and $40,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $98,800 2. Determine each partner's share given a first-year net loss of $16.800 Complete this question by entering your answers in the tabs below. 3 Required 1 Required 2 Determine each partner's share given a first-year net loss of $15,800 Allocation of Partnership Income Ramer Knox Net Income Salary allowances Balance of income (s) Total $ (16.800) 0 0 Balance of income (0) Balance allocated equally Balance of income (s) Shares of the partners 0