partnership for $34,000. Prior to the investment, land was revalued to a market value of$130,000 from a book value of $80,000. Tony Vale and Ennis Leighton share net incomeequally. Leighton had a capital balance of $36,000 prior to these transactions.a. Provide the journal entry for the revaluation of land.b. Provide the journal entry to admit Roberts.96 PE 12-3B Revaluing and contributing assets to a partnershipOBJ. 3Demarco Lee invested $60,000 in the Camden and Sayler partnership for ownership equity of$60,000. Prior to the investment, equipment was revalued to a market value of $39,000 froma book value of $30,000. Kevin Camden and Chloe Sayler share net income in a 2:1 ratio.a. Provide the journal entry for the revaluation of equipment.b. Provide the journal entry to admit Lee.598 PE 12-4A Partner bonusOBJ. 3Gomez has a capital balance of $240,000 after adjusting assets to fair market value. Bankscontributes $380,000 to receive a 60% interest in a new partnership with Gomez.Determine the amount and recipient of the partner bonus..598PE 12-4B Partner bonusOBJ. 3Hiro has a capital balance of $75,000 after adjusting assets to fair market value. Marone

Since there are multiple question asked, I am answering for PE 12-3B, If you want answer fro other…

Answered: partnership for $34,000. Prior to the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question #2: Toto profit 56,000 The ABCD Partnership has the following balance sheet at January 1, 2012, prior to the admission of new partner, Eden. Cash and current assets Land Building and equipment Total $ 39,000 234,000 130,000 $ 403,000 Liabilities Adams, capital Barnes, capital Cordas, capital Davis, capital Total $ 52,000 26,000 52,000 117,000 156,000 $ 403,000 Eden contributed $124,000 in cash to the business to receive a 20% interest in the partnership. Goodwill was to be recorded. The four original partners shared all profits and losses equally. After Eden made his investment, what were the individual capital balances?
Instructions Instructions Chart of Accounts General Journal Gavin invested $42,000 in the Jason and Kelly Partnership for ownership equity of $42,000. Prior to the investment, land was revalued to a market value of $412,000 from a book value of $211,000 Jason and Kelly share net income in a 1:2 ratio. Required: a. Provide the journal entry for the revaluation of land. b. Provide the journal entry to admit Gavin." *Refer to the Chart of Accounts for exact wording of account titles.
N2. part d please
Hw.114.
A partner contributed land to a partnership that was originally purchased for $50,000 but has a current market value of $90,000. The entry to record the investment is ?
Admitting New Partner With Bonus L. Bowers and V. Lipscomb are partners in Elegant Event Consultants. Bowers and Lipscomb share income equally. M. Ortiz will be admitted to the partnership. Prior to the admission, equipment was revalued downward by $9,000. The capital balances of each partner are $74,500 and $103,000, respectively, prior to the revaluation. Question Content Area a. Provide the journal entry for the asset revaluation. For a compound transaction, if an amount box does not require an entry, leave it blank. blank EquipmentL. Bowers, CapitalL. Bowers, DrawingV. Lipscomb, DrawingM. Ortiz, Capital - Select - - Select - CashEquipmentL. Bowers, DrawingV. Lipscomb, CapitalM. Ortiz, Capital - Select - - Select - EquipmentL. Bowers, CapitalV. Lipscomb, CapitalM. Ortiz, CapitalM. Ortiz, Drawing - Select - - Select - Question Content Area b. Provide the journal entry for Ortiz’s admission under the following independent situations: 1. Ortiz purchased a 20%…
Required information [The following information applies to the questions displayed below.] Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $124,000 and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $56,000 and was appraised at $180,000. The land was also encumbered with a $56,000 nonrecourse mortgage for which no one was personally liable. All three partners agreed to split profits and losses equally. At the end of the first year, Blue Bell made a $7,200 principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information: $ 480,000 470,000 70,000 1,500 600 Sales revenue Cost of goods sold Operating expenses Long-term capital gains §1231 gains Charitable contributions 300 Municipal bond interest Salary paid as a guaranteed payment to Deanne (not included in expenses) 300 3,000 c. Using the…

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