Question #$8(7$ marks$)$

Spector Enterprises signed an installment note payable for $$76,000$ on December $31,2025.$ Terms are: interest

rate $9\%,$ with payments every year for $4$ years. The first payment is to be made on December $31,2026.$

REQUIRED:

Give the journal entry to record the issuance of the note payable

Give the journal entry to record the first instalment payment on December $31,2026$

Give the journal entry to record the second instalment payment on December $31,2027$

Question #$9(10$ marks$)$

Saskatoon Supermarket Company is a partnership with net income of $$97,000$ and needs to split this

between partners Theresa Trueheart and Dave Vader. As Theresa Trueheart works full$-$time in the business,

they have an annual salary of $$35,600$ and contributed $1,356$ of hours of work. The other partner, Dave

Vader, put in $418\mathrm{.}5$ hours of work and has an annual salary of $$29,500.$ The partners split $$12,300$ of the net

income as additional salary based upon the ratio of hours of work. The partners invested $$25,750($Theresa

Trueheart$)$ and $$14,750($Dave Vader$).$ Each partner will receive $6\%$ on their invested capital. Any residual

net income or loss will be split based upon the ratio of invested capital. Prepare a schedule $($showing

calculations$)$ of the split of net income or loss amongst the partners. $(15$ marks$)$

Question #$10(6$ marks$)$

Jimmy Heartthrob and Theresa Trueheart wish to add a new partner to their partnership. Moonias Melbourne

wants to join, and the current partners decide to give a $27\mathrm{.}5\%$ interest in the company, for a cash investment of

$$26,700.$ Any bonus$/$deficit on admitting Moonias will be split by Jimmy and Theresa in direct ratio to their

capital accounts. Additional information:

Partner equity, Jimmy Heartthrob: $$42,800$

Theresa Trueheart: $$22,800.$

Required: Show the calculations to add Moonias Melbourne to the partnership and the journal entry to record

the transaction. $(15$ marks$)$