The partnership of Stop \& Drop admits Roll as a partner on January 1,2016. The partnership has these balances on December 31,2015 : Stop's share of profits and losses is 80% and Drop receives 20%. Read the requirements. (Items 1, 2, and 3 are independent.) 1. Suppose Roll pays Drop $43,000 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 $44,000 cash on January 1,2016 , to acquire a one-sixth 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 $110,000. Prepare the entries to liquidate the partnership on January 1,2016. Requirement 1. Suppose Roll pays Drop $43,000 to buy out Drop. Stop approves Roll as a partner. a. Record the transfer of equity on the partnership books on January 1, 2016. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)