Please the question photo . Please add exanation Question 2On July 1, the Duncan & Evan partnership agreed to admit Foster to the partnership. Foster willreceive a 40% share of the business for a cash investment of $200,000. Information regarding thepartnership records prior to the admission of Foster is located in the table.Duncan$125,000Evan$75,000Capital balanceProfit sharing ratioPrepare the journal entry to admit Foster into the partnership. Show calculations.Record journal entries for each of the following unrelated transactions:1.On July 5, Adobe Corporation issued 500 of its common shares for a total of $10,000.On June 1, Baker Corporation issued 1,000 of its preferred shares in exchange for landvalued at $50,000. Baker's shares are not widely held or regularly traded. Four years ago,500 preferred shares were issued for $35 a share.2.2. On April 12, Hobson Corporation declared a quarterly dividend of $0.05 per share onits 200.000 common shares. The dividend will be paid on Apr 29, to the shareholders ofrecord on April 19. Prepare the journal entry necessary for each date.93. Martok Company sells personal computers for $2,300 each. The price includes a two-yearwarranty. During 2015, the company sells 400 computers. On the basis of past experience, thewarranty costs are estimated to be $250 per computer. The actual warranty costs paid by Martokduring 2015 were $65,000. Prepare general journal entries to record the estimated warrantyexpense and the warranty payments during 2015.

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Question 2 On July 1. the Duncan & Evan partnership agreed to admit Foster to the partnership. Foster will receive a 40% share of the business for a cash investment of $200,000. Information regarding the partnership records prior to the admission of Foster is located in the table. Duncan $125,000 Evan S75,000 Capital balance Profit sharing ratio 3 2 Prepare the journal entry to admit Foster into the partnership. Show calculations.