Kuzma, Folkert and Tucker are partners with capital accountbalances of $30,000. $75,000, and $45,000,...

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Accounting

Kuzma, Folkert and Tucker are partners with capital accountbalances of $30,000. $75,000, and $45,000, respectively. Income andlosses are divided in a 4:4:2 ratio. When Tucker decided towithdraw, Tucker was then given $15,000 cash and a note for $40,000for his withdrawal from the partnership.
Using the Bonus Method, prepare the journal entry to recordTucker's withdrawal.
Problem 2
Dave, Allen and Matt share profits and losses in the ratio of50:30:20. Allen withdrew from the partnership December 31. 2014.Capital account balances are as follows: Dave, Capital 80,000 $Allen, Capital 80,000 $ Matt, Capital 62,000 $
Required: Prepare the journal entry or entries to record thewithdrawal of Allen, given each of the following situations. Assumethe bonus method is used to account for the withdrawal.
1. Allen receives $35,000 cash and a $75,000 note from thepartnership for his interest.
2. The partnership gives Allen $35,000 cash and equipment with abook value and a fair value of $40,000 for his interest.
3. The partnership gives Allen $100,000 cash for hisinterest.

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In: AccountingKuzma, Folkert and Tucker are partners with capital accountbalances of $30,000. $75,000, and $45,000, respectively....Kuzma, Folkert and Tucker are partners with capital accountbalances of $30,000. $75,000, and $45,000, respectively. Income andlosses are divided in a 4:4:2 ratio. When Tucker decided towithdraw, Tucker was then given $15,000 cash and a note for $40,000for his withdrawal from the partnership.Using the Bonus Method, prepare the journal entry to recordTucker's withdrawal.Problem 2Dave, Allen and Matt share profits and losses in the ratio of50:30:20. Allen withdrew from the partnership December 31. 2014.Capital account balances are as follows: Dave, Capital 80,000 $Allen, Capital 80,000 $ Matt, Capital 62,000 $Required: Prepare the journal entry or entries to record thewithdrawal of Allen, given each of the following situations. Assumethe bonus method is used to account for the withdrawal.1. Allen receives $35,000 cash and a $75,000 note from thepartnership for his interest.2. The partnership gives Allen $35,000 cash and equipment with abook value and a fair value of $40,000 for his interest.3. The partnership gives Allen $100,000 cash for hisinterest.