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In: Accounting103. Cox, North, and Lee form a partnership. Cox contributes$204,000, North contributes $170,000, and Lee...103. Cox, North, and Lee form a partnership. Cox contributes$204,000, North contributes $170,000, and Lee contributes $306,000.Their partnership agreement calls for a 6% interest allowance onthe partner's capital balances with the remaining income or loss tobe allocated equally. If the partnership reports income of $154,800for its first year, what amount of income is credited to North'scapital account?103B. Farmer and Taylor formed a partnership with capitalcontributions of $250,000 and $300,000, respectively. Theirpartnership agreement calls for Farmer to receive a $80,000 peryear salary. The remaining income or loss is to be divided equally.If the net income for the current year is $195,000, then Farmer andTaylor's respective shares are:103C. Jeffreys Company reports depreciation expense of $58,000for Year 2. Also, equipment costing $194,000 was sold for a $11,800loss in Year 2. The following selected information is available forJeffreys Company from its comparative balance sheet. Compute thecash received from the sale of the equipment.At December31Year 2Year 1Equipment$700,000$894,000AccumulatedDepreciation-Equipment500,000590,000