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Problem 1: December 31, 2018 - The business recorded a net income of $30,000. Rodgers had drawings of $20,000 and Brady had drawings of $4,000.
Required:
a. Show the entry to allocate the net income to the partners' capital accounts b. Prepare a Statement of Partners' Equity for 2018.
Problem 2: January 1, 2019 - Brady decides to leave the partnership. Mahomes agrees to pay Brady $73,000 in a private transaction. The result is that all of Brady's equity will be transferred to Mahomes. The income or loss will now be divided between Rodgers and Mahomes in a 50%, 50% ratio. The partners no longer receive a salary.
Show the entry to record the departure of Brady.
Financial Statement Analysis and Preparation
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