ormation Wind & Rambler agree to form a partnership on January 1, 2020. Wind has operated a business as a sole proprietorship for a number of years and will contribute the net assets of his business to the partnership. The appraised value of the net assets in Wind's business are given below. S Cash Receivables Inventory Property, plant & equipment, net Accounts payable Accrued liabilities Mortgage payable Net Assets 30,000 100,000 215,000 185,000 (85,000) (65,000) (40,000) 340,000 s Rambler has significant experience in marketing and will contribute cash in the amount of $ 350,000 Wind & Rambler agree to begin operations with equal capital balance. The partnership agreement also indicates that the bonus method will be used to count for any changes in partner ownership % The Articles of Partnership (the partnership agreement) provide that income and losses are to be allocated in the 8 following 29 30 Wind is to receive a salary of $ 80,000 Rambler is to receive a salary of 5 65,000 Interest is calculated on the beginning capital balances at a 12 8% The remaining in or low is to be allocated to Wind & 34 Rambler in the ratio of 53 as 36 37 Each partneris provided monthly do 5 38 1.600 39 Income for 2020 mounted to 5 40 250.000 41 Os 2,2021. Denne med perip by paying a total of 5150 000 o Wind & Ramily. For this puyant, Donner 42 ved printers of 43 25% 44 The participement was revised to allow Dome salary of LG Wind's & Rane's salaries in unchanged 5 50.000 42 treit is allowed all partner beginning capital balances the male per * The Wind Rambler & 50 Duanesot 51 52 Fadis des my drew of 51 $ 2.000 54 Income for 2021 would 55 5 230.000 1,2022. Wind decided to this parte de Rambler and Despread to the end of belle se pode The purchanged the Armed Sheet + 25 Wind & Rumbler agree to begin operations with equal capital balances. The partnership agreement also indicates 25 that the bonus method will be used to account for any changes in partner ownership, 27 The Articles of Partnership (the partnership agreement) provide that income and losses are to be allocated in the 28 following manner 29 30 Wind is to receive a salary of S 80,000 31 Rambler is to receive a salary of $ 65,000 Interest is calculated on the beginning capital balances at a 32 rate of 8% 33 The remaining gain or loss is to be allocated to Wind & 34 Rambler in the ratio of 5:3 35 36 37 Each partner is provided a monthly draw of 38 7,600 39 Income for 2020 mounted to 10 S 250,000 41 On January 2, 2021, Donner joined the partnership by paying a total of $350,000 to Wind & Rambler directly. For this payment, Donner 42 received a partnership interest of 25% 5 50,000 4. The partnership agreement was revised to allow Donner 45 salary of 46 Wind & Rambler's salaries remain unchanged 47 In rest is allowed on all partner's beginning capital balances 48 at the rate previously stated 49 The remaining gain or loss is to be split to Wind, Rambler & 50 Donnersthet of 51 52 Fachpartner is provided monthly draw of 53 54 Income for 2021 ested to 55 5:3:2 5 2,000 5 230,000 Onlar 1.2022. Wind decided to retire and sold his partnership interest directly to Macbelle Rambler and Donnerred to the sale and mission of Machelle into the partnership. The partnership agreement was changed Teflect Macbelle taking the place of Wind. All salary, interest and profit allocations previously provided to Wind 56 w goes to Macbelle Macbelle is also allowed monthly draw equal to Wind's prior draw SY 58 Income for 2022 mounted to s 275.000 59 60 Reywired: 1 For each of the years 2020 2022, prepare a 62 Sulement of Partnership Capital b Schedule of Income Allocation EL 55 NE PART B (20 points) 57 Ten years later, the partner Rambler, Donne Michelle groeide the partnership. Their partnership el profiel percentages at that time are shown below Rambler 5 500,000 30 Dune 21 450.000 Marbelle 2 50,000 73 espass expected to be 74 33.000 Required Prepares Delton de liquidation Shoett + ormation Wind & Rambler agree to form a partnership on January 1, 2020. Wind has operated a business as a sole proprietorship for a number of years and will contribute the net assets of his business to the partnership. The appraised value of the net assets in Wind's business are given below. S Cash Receivables Inventory Property, plant & equipment, net Accounts payable Accrued liabilities Mortgage payable Net Assets 30,000 100,000 215,000 185,000 (85,000) (65,000) (40,000) 340,000 s Rambler has significant experience in marketing and will contribute cash in the amount of $ 350,000 Wind & Rambler agree to begin operations with equal capital balance. The partnership agreement also indicates that the bonus method will be used to count for any changes in partner ownership % The Articles of Partnership (the partnership agreement) provide that income and losses are to be allocated in the 8 following 29 30 Wind is to receive a salary of $ 80,000 Rambler is to receive a salary of 5 65,000 Interest is calculated on the beginning capital balances at a 12 8% The remaining in or low is to be allocated to Wind & 34 Rambler in the ratio of 53 as 36 37 Each partneris provided monthly do 5 38 1.600 39 Income for 2020 mounted to 5 40 250.000 41 Os 2,2021. Denne med perip by paying a total of 5150 000 o Wind & Ramily. For this puyant, Donner 42 ved printers of 43 25% 44 The participement was revised to allow Dome salary of LG Wind's & Rane's salaries in unchanged 5 50.000 42 treit is allowed all partner beginning capital balances the male per * The Wind Rambler & 50 Duanesot 51 52 Fadis des my drew of 51 $ 2.000 54 Income for 2021 would 55 5 230.000 1,2022. Wind decided to this parte de Rambler and Despread to the end of belle se pode The purchanged the Armed Sheet + 25 Wind & Rumbler agree to begin operations with equal capital balances. The partnership agreement also indicates 25 that the bonus method will be used to account for any changes in partner ownership, 27 The Articles of Partnership (the partnership agreement) provide that income and losses are to be allocated in the 28 following manner 29 30 Wind is to receive a salary of S 80,000 31 Rambler is to receive a salary of $ 65,000 Interest is calculated on the beginning capital balances at a 32 rate of 8% 33 The remaining gain or loss is to be allocated to Wind & 34 Rambler in the ratio of 5:3 35 36 37 Each partner is provided a monthly draw of 38 7,600 39 Income for 2020 mounted to 10 S 250,000 41 On January 2, 2021, Donner joined the partnership by paying a total of $350,000 to Wind & Rambler directly. For this payment, Donner 42 received a partnership interest of 25% 5 50,000 4. The partnership agreement was revised to allow Donner 45 salary of 46 Wind & Rambler's salaries remain unchanged 47 In rest is allowed on all partner's beginning capital balances 48 at the rate previously stated 49 The remaining gain or loss is to be split to Wind, Rambler & 50 Donnersthet of 51 52 Fachpartner is provided monthly draw of 53 54 Income for 2021 ested to 55 5:3:2 5 2,000 5 230,000 Onlar 1.2022. Wind decided to retire and sold his partnership interest directly to Macbelle Rambler and Donnerred to the sale and mission of Machelle into the partnership. The partnership agreement was changed Teflect Macbelle taking the place of Wind. All salary, interest and profit allocations previously provided to Wind 56 w goes to Macbelle Macbelle is also allowed monthly draw equal to Wind's prior draw SY 58 Income for 2022 mounted to s 275.000 59 60 Reywired: 1 For each of the years 2020 2022, prepare a 62 Sulement of Partnership Capital b Schedule of Income Allocation EL 55 NE PART B (20 points) 57 Ten years later, the partner Rambler, Donne Michelle groeide the partnership. Their partnership el profiel percentages at that time are shown below Rambler 5 500,000 30 Dune 21 450.000 Marbelle 2 50,000 73 espass expected to be 74 33.000 Required Prepares Delton de liquidation Shoett +