Using the data in the Option 2 Spreadsheet (linked at the bottom of the page), perform the accounting required for the formation, operations, and liquidation of the SPLIT Partnership Within the worksheet, you are to Perform the required journal entries Update the partnership financials after each set of transactions There are three setsformation set, operation set, and liquidation set Complete all work on the spreadsheet attached to this assignment it will be your only deliverable Part 1 Perform for all partnership formation transactions Part 2 Perform for all operational and liquidation transactions Fair Value of Items Contributed to Partnership (FMV Basis) on March 1, 2014 a) Use the information above to journalize the formation of the partnership Prepare the beginning partnership balance sheet using the template below b) Assume it is now December 31, 2014 Adjust for depreciation for the furniture (7 year life), computer (3 year life) and building (40 year life) c) In addition to the depreciation expenses there are $10,000 of operations expenses all paid in cash There was also operational revenue of $20,000 (also paid in cash) Prepare the partnership balance sheet as of December 31, 2014 also given the effects of transactions in a) and b) Fair Value of items Contributed to Partnership (FMV Basis) on March 1, 2014 Assets, Liabilities Equities $10,000 $25,000 $25,000 $25,000 $25,000 Cash $15,000 $10,000 AR $15,000 $15,000 $15,000 Inventory $60,000 Land $30,000 Furniture Less Accumulated Depreciation $5,000 Computer Less Accumulated Depreciation $50,000 Building $85,000 $55,000 $45,000 $90,000 $50,000 Total Assets $0 $15,000 AP $0 $5,000 Loan L Fair Value of items Contributed to Partnership (FMV Basis) on March 1, 2014 Assets, Liabilities Equities $10,000 $25,000 $25,000 $25,000 $25,000 Cash $15,000 $10,000 AR $15,000 $15,000 $15,000 Inventory $60,000 Land $30,000 Furniture Less Accumulated Depreciation $5,000 Computer Less Accumulated Depreciation $50,000 Building $85,000 $55,000 $45,000 $90,000 $50,000 Total Assets $0 $15,000 AP $0 $5,000 Loan L

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Using the data in the Option 2 Spreadsheet (linked at the bottom of the page), perform the accounting required for the formation, operations, and liquidation

Using the data in the Option 2 Spreadsheet (linked at the bottom of the page), perform the accounting required for the formation, operations, and liquidation of the SPLIT Partnership. Within the worksheet, you are to:

Perform the required journal entries

Update the partnership financials after each set of transactions. There are three setsformation set, operation set, and liquidation set.

Complete all work on the spreadsheet attached to this assignment; it will be your only deliverable.

Part 1: Perform for all partnership formation transactions

Part 2: Perform for all operational and liquidation transactions

Fair Value of Items Contributed to Partnership (FMV=Basis) on March 1, 2014

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a) Use the information above to journalize the formation of the partnership. Prepare the beginning partnership balance sheet using the template below

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b) Assume it is now December 31, 2014. Adjust for depreciation for the furniture (7 year life), computer (3 year life) and building (40 year life).

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c) In addition to the depreciation expenses there are $10,000 of operations expenses all paid in cash. There was also operational revenue of $20,000 (also paid in cash). Prepare the partnership balance sheet as of December 31, 2014 also given the effects of transactions in a) and b).

image text in transcribed

Fair Value of items Contributed to Partnership (FMV-Basis) on March 1, 2014 Assets, Liabilities & Equities $10,000 $25,000 $25,000 $25,000 $25,000 Cash $15,000 $10,000 AR $15,000 $15,000 $15,000 Inventory $60,000 Land $30,000 Furniture Less: Accumulated Depreciation $5,000 Computer Less: Accumulated Depreciation $50,000 Building $85,000 $55,000 $45,000 $90,000 $50,000 Total Assets $0 $15,000 AP $0 $5,000 Loan-L Fair Value of items Contributed to Partnership (FMV-Basis) on March 1, 2014 Assets, Liabilities & Equities $10,000 $25,000 $25,000 $25,000 $25,000 Cash $15,000 $10,000 AR $15,000 $15,000 $15,000 Inventory $60,000 Land $30,000 Furniture Less: Accumulated Depreciation $5,000 Computer Less: Accumulated Depreciation $50,000 Building $85,000 $55,000 $45,000 $90,000 $50,000 Total Assets $0 $15,000 AP $0 $5,000 Loan-L