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Give the? partnerships journal entry to record

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Reference no: EM132319044

Question

Freeley and Hart form a? partnership, contributing $ 33, 000$77,000?, respectively. Determine their shares of net income or net loss for each of the following independent? situations

a. Net loss is $120,000 and the partners have no written partnership agreement.

b. Net income is $70,000 and the partnership agreement states that the partners share profits and losses on the basis of their capital balances.

c. Net income is $150,000. The first $90,000 is shared on the basis of capital balances. The next $45,000 is based on partner? service, with Freeley receiving 20?% and HartHart 80?%. The remainder is shared equally.

Net Income (loss)

Situation Freeley Hart Total

A.

B.

C.

On January? 1, 2018?, Mailes contributes land in a partnership with Jones. Mailes purchased the land in 2013 $150,000. A real estate appraiser now values the land at $675,000. Mailes $675,000 capital in the new? partnership, but Jones objects. Jones believes that Mailes' capital contribution should be measured by the book value of his land. Jones and Mailes seek your advice.

Requirement 1. Which value of the land is appropriate for measuring Mailes?'s capital-book value or current market? value?

Mailes?'s capital contribution of land should be valued at

a) book value

b) current market value

Requirement 2. Give the? partnership's journal entry to record Mailes?'s contribution in the business. (Record debits? first, then credits. Select the explanation on the last line of the journal entry? table.)

Date Account and Explanation Debit Credit

2018

Jan. 1

Reference no: EM132319044

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