The partnership of Stop \& Drop admits Roll as a partner on January 1, 2016. The partnership has these balances on December 31, 2015: (Click on the icon to view the balance sheet.) Stop's share of profits and losses is 80% and Drop receives 20%. Read the repuirements. Requirement 1. Suppose Roll pays Drop $28,000 to buy out Drop. Stop approves Roll as a partnet. a. Record the transfer of equity on the partnesshlp books on January 1, 2016. (Record debits first, then credits. Solect the explanation on the last line of the journal entry table.) (Items 1,2 , and 3 are independent.) 1. Suppose Roll pays Drop $28,000 to buy out Drop. Stop approves Roll as a partner. a. Record the transfer of equity on the partnership books on January 1,2016. b. Prepare the partnership balance sheet immediately after Roll is admitted as a partner 2. Suppose Roll becomes a partner by contributing $31,000 cash on January 1,2016 , to acquire a one-fourth interest in the business. a. Compute Roll's capital balance, and determine whether there's any bonus. If so, who gets the bonus? b. Journalize Roll's contribution in the business. c. Prepare the partnership balance sheet immediately after Roll is admitted as a partner Include the heading. 3. Assume the Stop \& Drop partnership liquidates by selling its non-cash assets for $68,000. Prepare the entries to liquidate the partnership on January 1,2016