XiIl- Comprehensive Problem . 20x2. Brian invested P20,000 cash, Brian Snow and Wendy Waite formed a partnership on July 1 inventory valued at P15.000, and equipment valued at P67.000. Wendy invested P50,000 cash and land valued at P120.000. The partnership assumed the P40.000 mortgage on the land. On June 30. 20x3. the specified that income and losses were to be alocated by allowing 10% interest on the original copital investment, salaries of P1S,000 to Brian and P20.000 to Wendy, and the remainder to be divided in the ratio of 40:60. partnership reported a net loss of P24,000. The partnership contract On July 1. 20x3. Alan Young was admitted into the partnership with a P70.000 cash in- yestment Aon was given a 30% interest in the partnership because of his special skills. The partners elect to use the bonus method to record 40:60 the admission. Any bonus should be divided in the old ratio of On June 30. 20x4, the partnership reported a net income of P150.000. The new partner- ship contract stipulated that income and losses were to be divided in a fixed ratio of 20:50:30. On Julty 2,20x4, Brian withdrew from the partnership for personal reasons. Brian was given P40,000 cash and a P60,000 note for his copital interest Required: Prepare journal entries for each of the following events. Show computations 1. Formation of the partnership Distribution of the net loss for the first year Admission of Aian into the partnership. 2. 4. Distribution of the net income for the second year. 5 Withdrawal of Brian from the partnership ME I I Adoanced Financial Accounting-(A Comprehensive &Procedural Approach)