The Struter Partnership has total partners' equity of $360,000, which is made up of Main, Capital, $252,000, and Frist, Capital, $108,000. The partners share net income and loss in a ratio of 83% to Main and 17% to Frist. On November 1, Adison is admitted to the partnership and given a 20% interest in equity and a 20% share in any income and loss. Prepare journal entries to record the admission of Adison for a 20% Interest in the equity and a 20% share in any income and loss under independent assumption and loss. (1) Record the admission of Adison with an investment of $90,000 for a 20% interest in the equity and a 20% share in any income 2) Record the admission of Adison with an investment of $125,000 for a 20% interest in the equity and a 20% share in any income (3) Record the admission of Adison with an investment of $60,000 for a 20% Interest in the equity and a 20% share in any income and loss and loss Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5.3.2 ratio (in percents: Hunter, 50%, Folgers, 30%, and Tulip, 20%). On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $310,000, Folgers, $217,000; and Tulip, $155,000 Prepare journal entries to record the retirement of Tulip under independent assumption Assume Tulip is paid $155,000, $175,000 $125,000 for her equity using partnership cash (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below) Turner, Roth, and Lowe are partners who share income and loss in a 145 ratio in percents. Turner, 10%, Roth, 40%, and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $162,000, total liabilities, $108,000, Turner, Capital, $5,500, Roth, Capital $15,500, and Lowe, Capital, $33,000. Cash received from selling the assets was sufficient to repay all but $43,000 to the creditors. Exercise 12-13 Liquidation of partnership LO P5 Required: a. Calculate the loss from selling the assets b. Allocate the loss from part a to the partners c. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency Complete this question by entering your answers in the tabs below. Required A Required B Required Calculate the loss from selling the assets. Liabilities before liquidation Proceeds from sale of assets (paid to creditors) Remaining liabilities Preekstremalente $ 0 e to search O
