The information below is used for the next two questions. A and B have maintained separate accounting practices in the Hattiesburg area. A has been in accounting practice for nearly 20 years whereas B has been practicing for 5 years. On 1/1/X1, A and B have decided to form the A&B accounting partnership. A will contribute $100,000 of cash and will bring in a large client portfolio while B will contribute a building having a $300,000 fair value. Under the terms of the partnership agreement, both partners will initially receive equal capital credits. The partners will receive bonuses equal to 25% of all revenue that they bring into the partnership in excess of $150,000. All remaining income will be shared equally. Assuming that the Goodwill method will be used, Partner A will receive a capital credit for which of the following amounts? Select one: a. $100,000 b. $200,000 c. $300,000 d. None of the Above Question 14Not yet answeredMarked out of 1.00 Not flaggedFlag question Question text This question is based in part on the information about the A&B partnership agreement in the preceding question. Assume that the A&B partnership earned $300,000 in year X1. Partner A's client revenue was $400,000 during the year and Partner B's revenue was $200,000. On 12/31/X1, Partner B's capital balance will be which of the following amounts? Select one: a. $325,000 b. $375,000 c. $425,000 d. $475,000 e. None of the Above Question 15Not yet answeredMarked out of 1.00 Not flaggedFlag question Question text Monica and Sabrina have operated an accounting partnership for the past decade in Biloxi, but now want to retire to pursue other activities. Their partnership balance sheet is presented below: Assets Cash 200,000 Receivables 300,000 Equipment 150,000 Building and Land 250,000 Total Assets 900,000 Liabilities 200,000 Capital: Monica 300,000 Capital: Sabrina 400,000 Total Liabilities and Equity 900,000 Assume that Monica and Sabrina have 60% and 40% P&L ratios. if the non-cash assets of the partnership are sold to Shasta for $600,000, how much cash should be distributed to Monica and Sabrina? Select one: a. Monica gets $240,000 and Sabrina gets $360,000 b. Monica gets $300,000 and Sabrina gets $400,000 c. Monica gets $340,000 and Sabrina gets $460,000 d. Monica gets $300,000 and Sabrina gets $300,000 e. None of the Above