NEED ANSWER ASAP. PLEASE

Problem - Statement of Partners' Equity (15 points) On Decemebr 31, 202X, ABA Company's equity accounts show the following before the closing entries. Partner Capital * Drawing Reese Chaplin $48,000 23,000$ Anne Newell 30,000 14,000 Bennie Uhrich 25,000 10,000 * No investments this year

a) Net Income is $30,000. Income is shared 4:4:2. Show the distribution of this years income to the partners. Partner Income Reese Chaplin Anne Newell Bennie Uhrich

b) Prepare a partners' equity statement for the year in proper form.

Problem 1 - Depreciation Methods (12 points) a) Compute the depreciation for the first and second years of use by each of the follwing methods. First year Second Year Straight-line: Units-of-Activity 2,000 hours used 2,250 hours used Double-declining-balance b) Record the journalize entry for the first year assuming the straight-line method was used. Problem 2 - Payroll Journal Entries (13 points) Equipment purchased at the beginning of the fiscal year for $400,000 is expected to have a useful life of five years, or 15,000 operating hours, and a residual value of $10,000. c) If the asset was a patent instead of equipment, record the journalize entry for the second year, using the appropriate method.