Answer questions 1-8. Show your solution

rship Dissolution 469 BLEM 3: JOURNAL ENTRIES Fact pattern The capital accounts of A&B Co. before the admission of C are as A&B P/L ratios 40% 60% 180,000 A, Capital B, Capital 480,000 1. C purchases 10% interest out of the 40% interest of A for 100,000. The net assets of the firm as of this date approximate their fair values. Requirement: Provide the journal entry to record the transaction. C purchases proportionate interest from A and B representing 10% interest in the partnership for P!00,000. The net assets of the firm as of this date approximate their fair values. equirements: a. Provide the journal entry to record the admission of C. b Compute for the capital balances of the partners after the admission of C. c How much is the gain or loss to be recognized in the partnership books? How much are the personal gains or losses of A and B, respectively? C purchases proportionate interest from A and B representing in the partnership for P100,000. However, before the admission of C, it was found out that the land of the Partnership is undervalued by 9300,000