1.Recording cash investment in a partnership. In 2019, Selena Lopez invests cash of $110,000 in a newly formed partnership that will operate The Tennis Shop. In return, Lopez receives a one-third interest in the capital of the partnership. Required: In general journal form, record Lopez's investment in the partnership. 2. Recording investment of assets and liabilities in a partnership. Sarah Punter operates a sole proprietorship business that sells golf equipment. In 2019, Punter agrees to transfer her assets and liabilities to a partnership that will operate The Golf Shop. Punter will own a two-thirds interest in the capital of the partnership. The agreed-upon values of assets and liabilities to be transferred follow: Total accounts receivable of $260,000 will be transferred and approximately $10,000 of these accounts may be uncollectible Merchandise inventory, $212,000 Furniture and fixtures, $96,000 Accounts payable, $37,000 Required: Record the receipt of the assets and liabilities by the partnership in the general journal. 3. On May 1, 2019, Stanley Carpenter and Fred Kenamond formed The Wine Shop. The two partners invested cash and other assets and liabilities with the following agreed-upon values: Carpenter: Kenamand: Cash, $13,000; Merchandise inventory, $25,000; Equipment, $77,000; Accounts payable, $12,000. Furniture $25,000; Cash, $37,000. Carpenter is to own two-thirds of the capital, and Kenamond is to own one-third of the capital, but they will split profits and losses equally. Required: Prepare a balance sheet for the partnership just after the assets and liabilities have been transferred to it. 4. Connie Lacy and Lelia Cook are partners who share profits and losses in the following manner. Lacy receives a salary of $212,000 and Cook receives a salary of $300,000. These amounts were paid to the partners and charged to their drawing accounts. Both partners also receive 10 percent inter-est on their capital balances at the beginning of the year. The balance of any remaining profits or losses is divided equally. The beginning capital accounts for 2019 were Lacy, $209,000, and Cook, $259,000. At the end of the year, the partnership had a net income of $149,000. Required: Compute the amount of net income or loss to be allocated to each partner