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Brady and Manning decide to start up a partnership. Brady brings in $20 000 cash and equipment costing $80 000, with $36 000 in the accumulated depreciation account. The fair market value of the equipment is $32 000. Manning brings $44 000 in cash. They agree to an income ratio of 5:4.
The business records a net income of $32 000, and Brady has a debit balance of
Problem a) Record the journal entry to establish the partnership.
Problem b) Record the entry to allocate the net income to the partners' capital accounts.
Problem c) Prepare a Statement of Partners' Equity for 2014.
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