Name: Date:_ ID: A Class: Partnerships Final Exercise/Other 1. Jane and Joan form a partnersbip by combining the assets of their separate businesses. Jane coibutes accounts receivable with a face amount of $50,000 and equipment with a cost of $190,000 and accumalated depreciation of $100,000. The partners agree that the equipment is to be priced at $85,000, that 53,500 of the accounts receivable are completely worthless and are not to be accepted by the partnership and that S1,300 a reasonable allowance for the uncollectibility of the remaining accounts receivable. Joan contri butes cas ot 530,000 and merchandise inventory of S59,500. The partners agree that the merchandise inventory is to be priced at $61,000. Journalize the entries to record in the partnership accounts (a) Jane's investment and (b) Joan's investment. 2. Stacy Kings and Chester Pennel formed a partnership dividing income as follows: I. Annual salary allowance to 2Tnterestof8% on each partner's capital balance on January 1 3. Any remaining net income divided equally Kings and Pennel had $25,000 and $140,000 for the year was $220,000. respectively in their January 1 capital balances. New income To Pennel? How much net income should be allocated to Kings? Lawrence has a capital balance of $60,000 after adjusting to fair market value. Courtney contributes $30,0 to receive a 25% interest in a ne w partnership with Lawrence. 3. Determine the amount and recipient of the partner bonus