ACC$1050$ Student Name: Instructor: Matt Mathitharan Student ID: Assignment # $2\%$ of Grade $8\%$ Question $1$ Harmawell Partnership has a profit of $$150,000$ for the year ended December $31,2022.$ The partnership agreement states that profit and losses are to be distributed using salary allowances, interest allowances, and a ratio for the remainder. Information about the agreement and the balance of the Drawings accounts is contained in the table below. Harlos Maxwell WellingtonSalary allowance $$35,000$ $$45,000$ $$20,000$Interest of $10\%$ based upon their average capital balances, which are: $$85,000$ $$65,000$ $$50,000$ Remainder shared in this ratio $221$Dec. $31$ balance of the Drawings accounts $$25,000$ $$20,000$ $$15,000$a$)$ Prepare a detailed schedule to show how the profit would be allocated among the three partners. b$)$ Assume that the revenue and expense accounts have been closed. Prepare the remaining closing entries. Question $2$ Record journal entries for each of the following unrelated transactions: a$)$ On July $5,$ Adobe Corporation issued $500$ of its common shares for a total of $$10,000.$ b$)$ On June $1,$ Baker Corporation issued $1,000$ of its preferred shares in exchange for land valued at $$50,000.$ Bakers shares are not widely held or regularly traded. Four years ago, $500$ preferred shares were issued for $$35$ a share. c$)$ On April $12,$ Hobson Corporation declared a quarterly dividend of $$0\mathrm{.}05$ per share on its $200,000$ common shares. The dividend will be paid on April $29$ to the shareholders of record on April $19.$ Prepare the journal entry necessary for each of these three dates. Question $3$ Three types of partnerships were described in the text. Explain how limited partnerships $($LP$)$ and limited liability partnerships $($LLP$)$ differ from each other and from a traditional partnership.