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Conway and Lawrence form a partnership by combining the assets and liabilities of their respective sole proprietorships. The following are the assets and liabilities of each partner and their market values.Conway[Assets]--------------------- [Book Value]--------------[Market Value]Cash________________20,000____________... 0Accounts Receivable____5,000 _____________3,000Notes Payable__________10,000 ______________ 0Inventory ______________25,000 ___________28,000Lawrence[Assets]------------------[Book Value]---------------[Market Value]Cash_______________10,000_____________...Equipment___________50,000____________...Accumulated Deprec.__15,000_______________0Accounts payable______7,000_______________01) Journalize formation of partnershipAccounts________Debit_______ Credit(8 rows)*Halfway thru the 1st year of operations Conway & lawrence admit Korman to the partnership & Korman buys a 1/2 share for $37,000 in cash2)Journalize Korman;s Admission to the partnershipAccounts_________Debit________Credit(2 rows)*The net income for the first year of operations was $50,000. After giving Conway a salary of 20,000 the rest of the net income is split evenly among the partners3) Prepare an income distribution worksheet_____Net income ______50,000Conway_____Korman_____Lawrence(3 rows)4) Journalize the closing of the income summary accounts to the capital accountsAccounts_______Debit________Credit
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