Trenton and Dover formed a partnership to operate their clothing design business without drawing up any formal partnership agreement. Trenton invested $2,000 in the business while Dover invested $8,000. If their business earns $1,000 in the first year then the income allocated to Trenton's capital account is: A. $200. $1,000 C. $500. D. $800. B on the Non-cash assets contributed to the partnership should be recorded at date of transfer to the partnership. A. Current market value. B. Book value. C. Residual value. Amount originally paid for the asset by the partner. Partnership accounting: A. Is the same as accounting for a sole proprietorship. B. Is the same as accounting for a sole proprietorship, except a separate capital and drawing account is maintained for each partner. Is the same as accounting for an S-corporation. Is the same as accounting for a corporation. A. Which of the following statements about partnerships is true? Salaries paid to partners are expenses reported on the income statement. Partners are employees of the partnership. Partners are owners not employees of the partnership. Salaries paid to partners result in payroll related taxes to the partnership. B. D