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Question $3$ of $8$

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Current Attempt in Progress

Coburn $($beginning capital, $$57,000)$ and Webb $($beginning capital $$91,000)$ are partners. During $2027,$ the partnership earned net income of $$72,000,$ and Coburn made drawings of $$16,000$ while Webb made drawings of $$26,000.$

$($a$)$

Your answer is correct.

Assume the partnership income$-$sharing agreement calls for income to be divided $45\%$ to Coburn and $55\%$ to Webb. Prepare the journal entry to record the allocation of net income. $($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Account Titles and Explanation

Debit

Credit

Income Summary

Coburn, Capital $32400$

Webb, Capital $39600$

eTex

Question $3$ of $8$

$\frac{0\mathrm{.}67}{1}$

Current Attempt in Progress

Coburn $($beginning capital, $$57,000)$ and Webb $($beginning capital $$91,000)$ are partners. During $2027,$ the partnership earned net income of $$72,000,$ and Coburn made drawings of $$16,000$ while Webb made drawings of $$26,000.$

$($a$)$

Your answer is correct.

Assume the partnership income$-$sharing agreement calls for income to be divided $45\%$ to Coburn and $55\%$ to Webb. Prepare the journal entry to record the allocation of net income. $($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Account Titles and Explanation

Debit

Credit

Income Summary

Coburn, Capital $32400$

Webb, Capital $39600$

eTextbook and Media

Attempts: $1$ of $3$ used

$$ tbook and Media

Attempts: $1$ of $3$

Post to the stockholders' equity accounts. $($Post entries in the order of journal entries presented in the previous part.$)$

$\backslash$table$[[$Preferred Stock,,$],[$Bal$.,$Mar. $1vv,]]$

Question $4$ of $4$

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Current Attempt in Progress

Bridgeport Corporation was organized on January $1,2027.$ It is authorized to issue $15,000$ shares of $8\%,$$$100$ par value preferred stock, and $504,000$ shares of no$-$par common stock with a stated value of $$2$ per share. The following stock transactions were completed during the first year.

Jan. $10$ Issued $85,000$ shares of common stock for cash at $$4$ per share.

Mar. $1$ Issued $5,150$ shares of preferred stock for cash at $$110$ per share.

Apr. $1$ Issued $22,000$ shares of common stock for land. The asking price of the land was $$90,000.$ The fair value of the land was $$84,000.$

May $1$ Issued $78,000$ shares of common stock for cash at $$5\mathrm{.}25$ per share.

Aug. $1$ Issued $11,000$ shares of common stock to attorneys in payment of their bill of $$43,000$ for services performed in helping the company organize.

Sept. $1$ Issued $12,000$ shares of common stock for cash at $$7$ per share.

Nov. $1$ Issued $1,000$ shares of preferred stock for cash at $$113$ per share.

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Post to the stockholders' equity accounts. $($Post entries in the order of journal entries presented in the previous part.$)$

Paid$-$in Capital in Excess of Par$-$Preferred Stock

Question $4$ of $4$

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Paid$-$in Capital in Excess of Stated Value$-$Common Stock

$$ Jan. $10$

$170000$

Apr. $1$

May $1$

M$$mazy $$

Sept. $1$

$$

Bal.

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