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Week #6 Homework Exercises - Microsoft Excel X Home Insert Page Layout Formulas Data Review View 7 - X & Cut E AutoSum Arial - 10 - A A Wrap Text General Normal Bad Copy Fill Paste Format Painter BIULA Fat Merge & Center $ % 9 08 08 Conditional Format Good Neutral Insert Delete Format 2 Clear Sort & Find & Formatting * as Table Filter Select Clipboard Font Alignment Number Styles Cells Editing 148 A B C D E F G H J K L M N O P Q R 3 The AlphabetSoup Partnership has three existing partners with capital accounts and profit splits as follows: OUT A Partner Capital Balance Profit Interest $1,000,000 25% OW D 700,000 40% 300,000 35% 10 $2,000,000 100% If AlphabetSoup admits a new partner, under each of the following scenarios determine how the is the entry is booked by entering the proper dollar amount in each gray-shaded cell. When correct, the cells will change color to a light green. CODON Scenario 1: New Partner D contributes $2,000,000 for a 50% capital share of the firm. 17 Account Debit Credit 18 Assets (Contributed by D) $2,000,000 aco Capital - D $2,000,000 Scenario 2: New Partner D contributes $3,000,000 for a 50% capital share of the firm. The firm uses the bonus method of accounting for new partners and the bonus is applied to the existing partners. 24 Account Debit Credit 25 Assets (Contributed by D) $3,000,000 26 Capital - A $125,000 27 Capital - B $200,000 28 Capital - C $175,000 29 Capital - D $2.500.000 Ex 1B Income or Loss Allocation Ex 2A New Partner Ex 2B New Partner 3 Word Problems Ready 100% + Type here to search O EI 1:11 AM [.)) ENG 4/25/2022Week #6 Homework Exercises - Microsoft Excel X Home Insert Page Layout Formulas Data Review View 7 - X & Cut Arial - 10 - A A Wrap Text General Normal Bad E AutoSum Copy Fill Paste Format Painter BIULA ta- Merge & Center $ % 9 08 08 Conditional Format Good Neutral Insert Delete Format 2 Clear Sort & Find & Formatting * as Table Filter Select Clipboard Font Alignment Number Styles Cells Editing 148 A B C D E F G H J K L M N O P Q R 24 Account Debit Credit 25 Assets (Contributed by D) $3,000,00 26 Capital - A $125,000 27 Capital - B $200,000 28 Capital - C $175,000 29 Capital - D $2,500,000 Scenario 3: New Partner D contributes $3,000,000 for a 50% capital share of the firm. The firm uses 31 the goodwill method, and any excess over FMV is attributable to existing goodwill. 34 Account D C 35 Assets (contributed by D) $3,000,000 36 Goodwill $1,000,000 37 Capital - A 38 Capital - B 39 Capital - C 40 Capital - D $3,000,000 41 Scenario 4: New Partner D contributes $1,000,000 for 50% share of the firm. The firm uses the 42 bonus method, and any bonus is attributable to the new partner. 40 45 Account D C 46 Assets (contributed by D) $1,000,000 47 Capital - A 48 Capital - B 49 Capital - C 50 Capital - D $1,500,000 Ex 1B Income or Loss Allocation Ex 2A New Partner Ex 2B New Partner 3 Word Problems Ready 100% + Type here to search O 1:11 AM [.)) ENG 4/25/2022