A Summary Balance Sheet for the Partnership of Quail,Rainne and Selma

question 7

Essay

A summary balance sheet for the partnership of Quail,Rainne and Selma on December 31,2011 is shown below.Partners Quail,Rainne and Selma allocate profit and loss in their respective ratios of 6:3:1.
The partners agree to admit Trask for a one-tenth interest.The fair market value for partnership land is $260,000,and the fair market value of the inventory is $370,000.
Required:
1.Record the entry to revalue the partnership assets prior to the admission of Trask.
2.Calculate how much Trask will have to invest to acquire a 10% interest.
3.Assume the partnership assets are not revalued.If Trask paid $300,000 to the partnership in exchange for a 10% interest,what would be the bonus that is allocated to each partner's capital account?

Delineate the relationship between prosocial behavior and various developmental stages and factors.

Understand the theoretical frameworks of cognitive-developmental, gender-schema, and Eriksonian stage theories related to gender and psychosocial development.

Identify types of play and their role in child development.

Understand factors contributing to aggression in children and strategies for its management.

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Definitions:

Elementary School

An initial stage of formal education for young children, typically including kindergarten through fifth or sixth grades, focusing on foundational subjects.

Sunni Muslim

Represents the largest branch of Islam, followers of which accept the first four caliphs as rightful successors to Prophet Muhammad.

Druze

A monotheistic religious and social community, originating in the Middle East, known for its unique blend of Islamic, Gnostic, and philosophical traditions.

Economic Loss

The financial diminution experienced by an individual or organization, typically due to business operations or economic conditions.